Enrique Rodriguez has stepped down as TiVo’s president and CEO — coming only eight months after the ex-AT&T Entertainment Group exec took the job — to join John Malone’s Liberty Global cable company as CTO.
Shares of TiVo dropped stock on the news Thursday, trading down 4% as of 10:55 a.m. ET.
TiVo also said announced that its board expects to provide an update on its review of “a broad range of strategic alternatives to maximize the value of the company for TiVo shareholders” by TiVo’s second-quarter 2018 earnings call.
In the near term, Rodriguez will remain at TiVo in an advisory role before he joins Liberty Global, the European cable operator which TiVo noted is a long-standing customer. Raghu Rau, a TiVo board member and former CEO of SeaChange International, has been named interim president and CEO while the company searches for a permanent replacement.
In a statement provided by TiVo, Rodriguez said, “My personal decision to pursue another opportunity was not easy. 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.”
Rodriguez was named TiVo’s CEO in November 2017. He has joined AT&T in 2015 as executive VP and chief technical officer for the telco’s Entertainment and Internet business. Before that, he worked at SiriusXM, Microsoft’s Xbox and TV divisions, and Cisco Systems.
Rau, 69, has been a TiVo director since 2015. Before heading video-software vendor SeaChange, he held senior management positions at Motorola Inc. Since March 2017, Rau has served on the board of Quantum, a storage, archive and data protection vendor, and has served as chairman of Quantum’s board since August 2017.
Rovi acquired TiVo for $1.1 billion in 2016 and adopted the DVR pioneer’s name.