Shares in the TV-recording service TiVo dropped nearly 4 percent on Thursday after the company announced that Enrique Rodriguez had resigned as president and CEO. As of 11:30 a.m. ET, the stock was trading at $13.33.
Rodriguez, who had served less than a year at TiVo, announced he will join Liberty Global as its new chief technology officer.
Raghu Rau, for CEO of SeaChange International, will serve as his replacement on an interim basis while Tivo searches for a permanent CEO. Rau has been on Tivo’s board since 2015.
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“My personal decision to pursue another opportunity was not easy,” said Rodriguez in a statement. “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.”
Rodriguez came to TiVo from AT&T, where he was an executive vice president and the company’s chief technical officer. He’s spent decades in the tech and media space, with stops at Sirius XM, Cisco and Microsoft, where he was VP of Xbox Partnerships.
“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.”
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Source: The Wrap