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Activist shareholders oust Rovi chairman

May 14, 2015 10.05 Europe/London By Julian Clover

Rovi Total GuideActivist shareholder Engaged Capital has secured two places on the board of Rovi, at the same time removing chairman Andrew Ludwick.

Since March Engaged has been conducting a campaign against what it sees as the waste of shareholder money on“ baseless, outrageous and recycled claims”. The EPG developer and patent holder has attempted a series of court actions in the UK – cablenet Virgin proudly claiming to have fought off ten such attempts. A number of actions have also been brought against Ziggo in the Netherlands.

Raghavendra Rau and Glenn W. Welling have now been elected to the board. A third nominee, David Lockwood, did not secure enough votes.

“Engaged Capital believes that Rovi has the potential to deliver significant value to shareholders. While we would have preferred to avoid a protracted proxy contest, we believe that this process provided shareholders with a forum to express an unequivocal preference for change. We believe that shareholders have delivered a clear mandate to the Board to reevaluate the Company’s strategy, structure, and spend, as well as improve corporate governance and better align executive compensation with shareholders,” said Welling.

Tom Carson, President, CEO and interim Chairman of Rovi, said he looked forward to working with the two new board members to build value for the company.

Rovi was formed in 2009 following the merger of Macrovision with the former Gemstar business.

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Related

Filed Under: Editor's Choice, Finance, Newsline, Regulation Tagged With: Rovi, Virgin Media, Ziggo Edited: 15 May 2015 12:03

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About Julian Clover

Julian Clover is a Media and Technology journalist based in Cambridge, UK. He works in online and printed media. Julian is also a voice on local radio. You can talk to Julian on Twitter @julianclover, on Facebook or by email at jclover@broadbandtvnews.com.

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