TiVo to Replace their CEO
TiVo is out this morning with news that Chairman and CEO, Michael Ramsay will be stepping down as CEO and they are presently trying to identify a successor. Ramsay will remain as Chairman of the Board and in the CEO post until a successor is identified.
Although one of the first successful PVRs to market with a brand name that has become synonymous with PVR functionality, over the past few years many have criticized Ramsay for being unable to properly market, define and delineate the TiVo experience among what is seen as a growing crowded field of significant competitors in the PVR marketplace. And even as the firm has had subscriber growth over the past year, many people have criticized this growth as mostly coming from their DirecTV partner who most recently has been announcing and promoting their own competitive DVR product.
Although many technology stocks fared poorly in the recent bear market, under Ramsay TiVo’s stock has done particularly poorly. TiVo was trading at around $57 per share at the top of the market and today sits at about $4 per share having lost over 50% of it’s value over the last year and over 30% of it’s value just since January 1st when most technology stocks have been recovering.
All I have to say about this decision out from TiVo this morning is
1. It’s about friggin’ time!
2. How come you’re keeping the bozo around as your Chairman?
The challenge will be for the already cash strapped TiVo to find a suitable replacement without giving away the farm. If Ramsay’s involved in choosing his replacement, don’t worry, he will probably screw this up to.
TV Harmony speculates that TiVo should go after Mark Cuban as their new CEO.
Update: NEW YORK, Jan 12 (Reuters) – TiVo Inc. (TIVO.O: Quote, Profile, Research) chief executive Michael Ramsay, looking to correct what he said was erroneous speculation, on Wednesday said he is not stepping down due to any plans for the sale of the company.
Ramsay told Reuters he was resigning because the television recording technology maker’s strategy is changing.
“The company is not for sale,” Ramsay said in an interview. “The change in management has nothing to do with the possible sale of the company.”
He added that in moving TiVo’s strategy toward features that such as online commerce and Internet transmission of video, “this is … a good time to think about bringing in new leadership.”