Tom Rogers, longtime CEO of TiVo, will step down at the end of the company's fiscal year on Jan. 31, 2016, the company announced. He will continue to have a role with TiVo as a non-executive chairman of the board.
Rogers led the company through a number of challenges including forging partnerships with several cable operators such as Suddenlink, which offers its hybrid OTT set-top box to subscribers; rekindling growth in its retail set-top business with products like Roamio and Bolt; and settling a number of patent-related lawsuits with companies from AT&T to Cisco to Verizon.
"With the recent successful launch of one of the best reviewed retail television products ever, the new TiVo Bolt, and notable progress in our other core businesses, the Board and I agreed that this was an opportune time to seamlessly transition to a new leadership team," Rogers said in a statement released Tuesday.
TiVo said it is forming an executive search team to look for Rogers' replacement. In the meantime, cable industry and Motorola Mobility veteran Dan Moloney will serve as the company's lead independent director.
"We are confident that Tom and TiVo's experienced leadership team will ensure a smooth transition to a new CEO and president as Tom transitions to non-executive Chairman of the Board," said Moloney in the company's official statement. "We thank Tom for his countless contributions to TiVo during his time as CEO and president. The Board believes that these accomplishments aren't fully reflected in TiVo's stock price."
TiVo shares remained steady in after-hours trading on the Nasdaq, slipping less than 1 percent to $8.70.
- see the release
- see this Multichannel News article
Countering comScore and Rentrak, TiVo to give away set-top demographic ratings data for free
TiVo debuts next-generation DVR, the Bolt; aggressively touts commercial-skipping tools, 4K capabilities
TiVo adds another 284K MSO subs in Q2; ready to get more with NCTC deal