TiVo’s Ramsay Out As CEO; Remains Chairman - Twice

TiVo’s Ramsay Out As CEO; Remains Chairman

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Alviso, Calif.— TiVo announced that it has begun searching for a new CEO, just days after current CEO and chairman Michael Ramsay made a series of prominent appearances at International CES.

Ramsay, who will remain as chairman of the company and will continue as CEO until a replacement is found, said he initiated the succession process.

Ramsay, who founded TiVo with Jim Barton in 1997, helped to launch one of the industry’s first digital video recorder products and helped build TiVo into a household brand.

However, as of Oct. 31, 2004, TiVo listed just over 2.3 million subscribers, almost two-thirds of whom use a DirecTV/TiVo combination service. At CES, DirecTV announced it would be adding its own in-house-developed DVR products in 2005 to compete with the TiVo offerings. The company has also been unable to strike any deals with cable operators to add its DVR technology and services.

“Founding TiVo with Jim Barton and growing the company into a major consumer brand has been the thrill of a lifetime,” Ramsay said in a prepared statement. “We have had a fundamental impact on television viewing and believe strongly that the company has huge upside potential, in a massive market, going forward. I believe it is a natural evolution of any company to have a transition of leadership as the company grows and matures.”

Howard Fischer Associates of Philadelphia, Silicon Valley, Calif., and Boston have been selected by TiVo’s board of directors to conduct the search process.

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