TiVo Announces CEO Succession Plan
Ramsay to Remain Chairman of the Board
January 12, 2005 - ALVISO, Calif. – TiVo Inc. (NASDAQ: TIVO), the creator of and leader in television services for digital video recorders (DVRs), announced today that its Chairman and CEO, Michael Ramsay, has initiated a succession process to identify a new CEO for the company. Ramsay will retain his role as Chairman of the Board going forward, and will remain in his current role as CEO until a successor is identified.
Ramsay, who has served as TiVo's CEO since its founding in 1997, has successfully led the company as it introduced the industry's first digital video recorder to the marketplace, revolutionizing the way people watch TV today. Under his leadership, TiVo has become a household brand, while also offering the media industry a platform for advertising, content delivery and audience research. As of October 31, 2004, there were over 2.3 million subscriptions to the TiVo service.
"Founding TiVo with Jim Barton and growing the company into a major consumer brand has been the thrill of a lifetime," noted Ramsay. "We have achieved a tremendous amount since we started the company. 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. The time is right for me, personally and professionally, to bring in an outstanding Chief Executive Officer to lead the company so that I can focus on future strategy. I feel this is a great opportunity for the right person to run one of the industry's most exciting companies, and I look forward to recruiting a new CEO who will help the company realize its full potential."
Speaking on behalf of the Board of Directors, Geoff Yang, Managing Director of Redpoint Ventures and a founding investor in TiVo, noted that "Mike Ramsay has led TiVo to an exceptional level of technology innovation, business performance and consumer satisfaction. As Co-founder of TiVo, he has helped create a truly big idea and executed on its delivery into the market place with great skill. We plan to hire another exceptional leader in the months ahead."
Howard Fischer Associates of Philadelphia, Silicon Valley and Boston have been selected by TiVo's Board of Directors to conduct the search process.
About TiVo Inc.
Founded in 1997, TiVo (NASDAQ: TIVO), a pioneer in home entertainment, created a brand new category of products with the development of the first digital video recorder (DVR). Today, the Company continues to revolutionize the way consumers watch and access home entertainment by making TiVo the focal point of the digital living room, a center for sharing and experiencing television, music, photos and other content. TiVo connects consumers to the digital entertainment they want, where and when they want it. The Company is based in Alviso, California.
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, TiVo's business, services, business development, strategy, customers or other factors that may affect future earnings or financial results. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance, as well as the "Factors That May Affect Future Operating Results." More information on potential factors that could affect the Company’s financial results is included from time to time in the Company’s public reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2004, and the Quarterly Reports on Form 10Q for the period(s) ended April 30, 2004, July 31, 2004, October 31, 2004, filed with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. TiVo disclaims any obligation to update these forward-looking statements.
TiVo, Season Pass, WishList, TiVo Basic are registered trademarks of TiVo Inc. in the United States and other jurisdictions. All other company or product names mentioned may be trademarks or registered trademarks of the respective companies with which they are associated.
