TiVo Director Raghu Rau Appointed Interim President and Chief
Executive Officer
Strategic Alternatives Review Continues, Expect To Provide Update By
Q2 Earnings Call
SAN JOSE, Calif.--(BUSINESS WIRE)--
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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TiVo Corporation
Lerin O’Neill, +1 408-562-8455
[email protected]
Source: TiVo Corporation