September 30, 2005 3:37 PM PDT

TiVo's CFO plans to step down

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TiVo said on Friday that its chief financial officer and another top executive were both leaving the company, the latest in a series of changes at the company that pioneered recording television shows onto hard drives.

Courtney
David Courtney

In a press release Friday, TiVo said CFO David Courtney plans to step down April 15, after more than six years at the company. In a regulatory filing with the U.S. Securities and Exchange Commission on Friday, the company added that the executive vice president who heads its consumer unit, Brodie Keast, is also leaving the company next week to join another company. A TiVo representative declined to say where Keast is going, and Keast was not immediately available for comment.

The departures follow the June appointment of former Primedia and NBC executive Tom Rogers as CEO, replacing longtime chief executive Mike Ramsay, who had announced plans in January to vacate the top spot. The company's former president, Marty Yudkovitz, stepped down in February.

In a statement, Courtney said "this is the right time for me to turn my attention to new and different pursuits."

"I am proud to have played a senior leadership role in creating key strategic and commercial relationships, in overseeing the company's financial growth and in building the infrastructure to support the company's burgeoning activities," Courtney said.

In its SEC filing, TiVo outlined a severance package for Courtney that will take effect when he steps down next year. As part of the package, Courtney will receive $462,500 representing 12 months of base pay, his target bonus for fiscal 2006 and nine months of fiscal 2007 bonus compensation. He will also receive a vested stock grant of $70,500 and 12 months of accelerated vesting toward any unvested stock grants.

 

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