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TiVo has promoted CFO Naveen Chopra to interim CEO effective Jan. 30, succeeding Tom Rogers, who will become non-executive chairman of the board.
Chopra, who has been with the company since 2003, will retain his role as CFO even while serving also as CEO, the pioneering DVR company said Tuesday.
Prior to joining TiVo more than a dozen years ago, Chopra was a business development and product marketing executive with a variety of technology companies, including Microsoft and HP.
“Moving forward, we will be highly focused on product innovation, accelerating profitability, enhancing subscription growth and securing new distribution agreements across an expanded geographic footprint — in addition to safeguarding TiVo’s invaluable intellectual property,” said Chopra.
That last initiative, in fact, is where TiVo has been making most of its money, many times successfully suing for hundreds of millions of dollars companies that it says have infringed on its DVR patents.
Additionally, TiVo said Tuesday it has appointed Wendy Webb to its board of directors. Webb is CEO of Kestrel Corporate Advisors, and previously was an executive with Walt Disney for two decades. She also had stints at Ticketmaster Entertainment, Lehman Brothers and elsewhere.
TiVo announced in November that Rogers would be relinquishing his CEO position at the end of January after 11 years at the company’s helm. While the executive successfully kept TiVo relevant and viable in the face of very stiff competition, investors likely grew impatient as its shares have merely kept pace with the S&P 500 over the past 10 years while many other entertainment and new-media stocks have dramatically outpaced that benchmark index.
In his additional role as CEO, Chopra will receive a one-time $750,000 stock award and $23,000 per month on top of his annual CFO salary of $459,000 and various other bonuses.
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