Tom Rogers to Step Down as TiVo CEO
The executive, who has been CEO for 11 years, will relinquish the title on Jan. 31.
Tom Rogers said Tuesday he'll step down as CEO of TiVo, the pioneering company that disrupted the television industry with the creation of the DVR.
Rogers, who has been CEO for 11 years, will relinquish the title on Jan. 31 but continue as non-executive chairman of the board.
Also on Tuesday, board member Dan Moloney, a former executive at Google and Motorola Mobility, was named lead independent director for TiVo. The board has formed a committee to identify suitable candidates for the CEO spot.
Rogers is generally credited with keeping TiVo afloat amid massive competition, largely by suing to protect its patents and reaping multi-million-dollar awards from infringers, but investors may have become impatient with an average return over the years.
In 10 years, while entertainment companies have experienced large stock run-ups, TiVo shares are up 71 percent, narrowly outperforming the 65 percent gain for the S&P 500.
As of the end of the most recent quarter, the company had 941,000 "TiVo-owned" subscribers and another 5.1 million subscribers via its relationship with various cable companies. The company reported $8.3 million in net income, down from $9.3 million in the year-ago quarter.
Under Rogers, TiVo earned a large amount of pop-culture credibility, as the name of the company and its famous device has been fodder in TV shows like The Simpsons and The Office and as an answer in the New York Times crossword puzzle. "TiVo," in fact, has become a verb used for the act of digitally recording a TV show.
Nowadays, TiVo's set-top boxes not only store thousands of hours of TV programming, but are also conduits to Netflix, Amazon Prime, VUDO, Pandora, Spotify and more.
"TiVo is a great company today — and I have thoroughly enjoyed the challenge of turning it around and building it from its DVR roots into a leader in providing next-generation TV in the U.S. and around the world," said Rogers.