TiVo has named Dave Shull, former chief executive of The Weather Channel, as its new CEO, replacing interim CEO Raghu Rau, who becomes vice chairperson on the company’s board of directors.
As CEO of The Weather Channel from 2015 to 2018, Shull overhauled the organisation to streamline operating costs, separated the digital assets from its television and OTT products resulting in the successful sale of its digital businesses to IBM in 2016.
“We are thrilled to announce Dave Shull as Raghu’s successor,” said Jim Meyer, chairman of the Board of Directors at TiVo.
“In addition to Dave’s deep experience in the Pay-TV, OTT and digital media fields, he has a strong track record of driving value creating strategic outcomes and operational transformations, most recently at The Weather Channel and before that at Dish. Dave knows our industry extremely well, having been a part of it in senior executive roles for over fifteen years. He also has significant M&A experience and is the right person to lead TiVo’s separation process, which we believe will result in significant value for our stockholders.”
“I want to thank Raghu for stepping in and leading TiVo during this critical time in the company’s evolution and for the important role he will continue to play on our Board,” continued Meyer.
“As Vice Chair, Raghu will provide continuity in ongoing discussions with strategic parties, continued support on TiVo’s licensing resolution strategy with Comcast, and additional support as needed in the separation of TiVo’s two businesses. Raghu’s leadership has resulted in the planned launch of three new ground-breaking products, continued growth in our licensing business and the decision on our strategic direction.”
“I am honored and excited to be selected by the Board to lead TiVo and its employees, and I look forward to leading the company’s next phase,” said Dave Shull.
“I believe in the company’s strategic direction and my focus will be on driving the execution of that strategy on both the separation and potential transaction front. My understanding of the industry, experience with strategic transactions, and demonstrated ability to drive cost efficiencies can be instrumental in creating meaningful value for TiVo’s stockholders.”
Meanwhile, TiVo has boosted guidance for 2019: revenue of $644-$660m (up from $640-$654m), and a GAAP loss before taxes of $72M to $80M (vs. previous guidance for a loss of $75M to $87M).
It now expects EBITDA of $175-$185m (up from $172-$178m) and non-GAAP pretax income of $123-$133m (up from $120-$126m).
The company reaffirms expectations that it will split its IP Licensing and Product businesses in the first half of 2020 through a tax-free spin-off of the product business to shareholders.
