TiVo Announces CEO Transition
July 05 2018 - 9:00AM
Business Wire
TiVo Director Raghu Rau Appointed Interim
President and Chief Executive Officer
Strategic Alternatives Review Continues, Expect
To Provide Update By Q2 Earnings Call
TiVo Corporation (NASDAQ: TIVO) announced today that Raghu Rau,
a member of TiVo’s Board of Directors, has been named interim
President and Chief Executive Officer, effective immediately. The
appointment follows Enrique Rodriguez’s personal decision to resign
from his role as TiVo’s President, Chief Executive Officer and a
member of the Board of Directors to assume a position as Chief
Technology Officer at Liberty Global in Europe, one of TiVo’s
long-time global customers. Mr. Rodriguez will remain at TiVo in an
advisory role to ensure a smooth transition. Mr. Rau will continue
to serve on the Board of Directors.
The Board has commenced a comprehensive search process to
identify and evaluate internal and external candidates to serve as
a permanent Chief Executive Officer, with the assistance of a
leading executive search firm.
“On behalf of the Board, I want to thank Enrique for his
leadership and we wish him the best in his next chapter,” said
James Meyer, Chairman of TiVo’s Board of Directors. “We are
fortunate to have a world-class leadership team in place and are
pleased to have someone of Raghu’s caliber step in to lead the
Company. He has been a member of the TiVo Board of Directors since
2015 and is a proven leader with extensive experience in the video
industry and in the management of intellectual property. I am
confident that Raghu, alongside the rest of the leadership team,
will continue to drive the value that TiVo’s innovative technology
portfolio brings to the fast-growing and hyper-competitive
entertainment industry.”
Mr. Rau, said, “This is an exciting time for TiVo and I am eager
to jump in as interim President and Chief Executive Officer. I look
forward to working closely with our outstanding management team as
we continue to innovate, profitably grow our customer base in key
market segments, and expand our international presence. I also look
forward to working with the Special Committee of the Board to bring
our strategic alternatives process to a successful, value creating
solution for our shareholders.”
Mr. Rodriguez commented, “My personal decision to pursue another
opportunity was not easy. I couldn’t be more excited about what
lies ahead for TiVo as I expect our performance through the second
quarter of 2018, including our announced profit improvement
actions, to be ahead of our internal plan. I am looking forward to
continue my relationship with TiVo in my new role as a customer and
partner. Until then, I am committed to working with the TiVo team
to ensure a seamless transition.”
As previously announced, the TiVo Board continues to explore a
broad range of strategic alternatives to maximize the value of the
Company for TiVo shareholders. With its independent financial and
legal advisors, TiVo is carefully considering a full range of
options focused on delivering shareholder value. The Company
expects to provide an update on this review by the Company’s second
quarter 2018 earnings call.
About Raghu Rau
Raghavendra Rau, age 69, has served as a director of the Company
since 2015. Prior to joining the Board, Mr. Rau served as Chief
Executive Officer of SeaChange International Inc., a video software
technology company, from November 2011 to October 2014 and was a
member of its board from July 2010 until October 2014. Prior to his
work at SeaChange International, Mr. Rau held a number of senior
leadership positions with Motorola Inc. from 1992 to 2008,
including Senior Vice President of Strategy and Business
Development of the Networks & Enterprise business, Senior Vice
President of the Mobile TV Solutions business, and Corporate Vice
President of Marketing and Professional Services. Mr. Rau holds a
bachelor's degree in engineering from the National Institute of
Technology (India) and an MBA from the Indian Institute of
Management (Ahmedabad). Since March 2017, Mr. Rau has served on the
board of Quantum Corporation, a scale-out tiered storage, archive
and data protection company, and has served as the Chairman of
Quantum’s board since August 2017. He previously served on the
board of Aviat Networks, a wireless networking company, from
November 2010 to January 2015.
About TiVo
TiVo Corporation (NASDAQ: TIVO) is a global leader in
entertainment technology and audience insights. From the
interactive program guide to the DVR, TiVo delivers innovative
products and licensable technologies that revolutionize how people
find content across a changing media landscape. TiVo enables the
world’s leading media and entertainment providers to deliver the
ultimate entertainment experience. Explore the next generation of
entertainment at tivo.com or follow us on Twitter @tivo or
@tivoforbusiness.
Caution Concerning Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements relate to, among other things, the Company's
future growth and success, international expansion, the Company’s
expected second quarter operating results, and the timing of
results and announcement of the Company’s strategic alternatives
exploration. These forward-looking statements are based on TiVo’s
current expectations, estimates and projections about its business
and industry, management’s beliefs and certain assumptions made by
the company, all of which are subject to change. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as, “future”, "believe," "expect,"
"may," "will," "intend," "estimate," "continue," or similar
expressions or the negative of those terms or expressions. Such
statements involve risks and uncertainties, which could cause
actual results to vary materially from those expressed in or
indicated by the forward-looking statements. Factors that may cause
actual results to differ materially include delays, whether inside
or outside the Company’s control, in the Company’s exploration of
its strategic alternatives, delays in development, the failure to
deliver competitive service offerings and lack of market acceptance
of any offerings delivered, the Company’s completion of its second
quarter 2018 financial close processes, as well as the other
potential factors described under "Risk Factors" included in TiVo’s
Quarterly Report on Form 10-Q for the three months ended March 31,
2018 and Annual Report on Form 10-K for the year ended December 31,
2017 and other documents of TiVo Corporation on file with the
Securities and Exchange Commission (available at www.sec.gov). TiVo
cautions you not to place undue reliance on forward-looking
statements, which reflect an analysis only and speak only as of the
date hereof. TiVo assumes no obligation to update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release, except
as required by law.
TiVo and the TiVo logo are registered trademarks of TiVo
Corporation and its subsidiaries worldwide.
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version on businesswire.com: https://www.businesswire.com/news/home/20180705005253/en/
TiVo CorporationLerin O’Neill, +1
408-562-8455Lerin.Oneill@tivo.com
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