TiVo co-founder Michael Ramsay plans to resign as CEO and a searc...
TiVo co-founder Michael Ramsay plans to resign as CEO and a search for a successor is underway, the company said Wed. Ramsay, who has been with the company since helping found it in 1997, will remain chmn., it said.…
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Ramsay said in a statement that the timing of the move is “right for me, personally and professionally, to bring an outstanding CEO to lead the company so I can focus on future strategy.” Ramsay later sought to quiet market rumors that his resignation was tied to plans to sell the company. “The company is not for sale,” Ramsay told Reuters. “The change in management has nothing to do with the possible sale of the company.” At CES last week, TiVo announced an alliance with Microsoft and unveiled plans for introducing a CableCARD-equipped HD DVR by early 2006. TiVo demonstrated a prototype of the DVR at CES that featured a 250 GB hard drive and 2 tuners. But at the same time, DirecTV, a key TiVo customer, showed a new receiver featuring the DVR platform of affiliate NDS that’s expected to ship later this year. TiVo also has failed to land an agreement with an MSO, which have introduced Motorola and Scientific-Atlanta set-top boxes with DVRs. TiVo’s stock had fallen 27% since Jan. 4 and closed Wed. up 3 cents at $4.23.