TiVo Inc. (NASDAQ: TIVO) was making waves in Tuesday’s after-hours session when it announced a changing of the guard. The company announced that Tom Rogers will step down from his CEO position, after roughly 11 years, at the end of the fiscal year, January, 2016. However, Rogers will continue with TiVo as a non-executive Chairman of the Board in February 2016.
The board of directors has already formed a search committee to identify the best internal or external candidate to lead the company.
Looking at the chart, TiVo’s stock performance has been relatively muted over the past ten years. Shares have practically remained within the range of $7 to $11, excluding a large uptick in 2010 that quickly subsided.
So far in 2015, shares are down about 26% year to date while over the past 52-weeks the stock is down 33%.
Rogers commented on his stepping down:
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 the leader in providing next-generation TV in the United States and around the world. With the recent successful launch of one of the best reviewed retail television products ever, the new TiVo Bolt, and notable progress in our other core businesses, the Board and I agreed that this was an opportune time to seamlessly transition to a new leadership team. At a personal level, I will welcome the reduced bicoastal travel this will entail. And as a shareholder, I look forward to continuing to serve all TiVo shareholders as non-executive chairman.
He continued:
I want to publicly recognize the incredible team of employees at TiVo who have grown it into a company that is now in 30 countries around the world and still expanding. TiVo today serves over 70 pay TV operators, underpinned by some of the industry’s most valuable intellectual property agreements, providing a treasure trove of unique audience data and insights. Only an incredible team could turn a company around and accomplish all that.
Be on the lookout later this month when TiVo reports its fiscal third quarter on November 24.
Shares of TiVo closed Tuesday down 0.9% at $8.70, with a consensus analyst price target of $15.54 and a 52-week trading range of $8.35 to $13.16.
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