TIVO CFO RESIGNS

David Courtney to Leave in 2006; No Successor Named

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NEW YORK (Adage.com) -- David H. Courtney is resigning as chief financial officer and head of corporate products at TiVo, leaving the company to face one of the biggest challenges of its young life without one of its top executives.

Mr. Courtney is responsible for two of TiVo’s three operating divisions -- the media and advertising-services unit, which manages content delivery and audience measurement for advertisers, content creators and distributors; and the service-provider division, which handles TiVo’s distribution agreements with satellite, cable and telecom customers.

No successor named
No successor has been named for Mr. Courtney, who is leaving in early 2006 and has been with TiVo since 1999, just two years after Mike Ramsay and Jim Barton founded the company. Mr. Courtney did not reveal his post-TiVo plans.

The news comes at a time of major changes for TiVo, a publicly traded company that pioneered digital video recording and put a brand name on the practice of time-shifting TV programming.

TiVo is struggling to find more subscribers -- it currently has about 3 million -- amid tight competition from cable and satellite companies, which are busily marketing their own DVR services. Additionally, a large part of TiVo’s subscribers come through an agreement with DirecTV, which has said it will soon stop marketing the name-brand service in favor of its own DVR product once its contract is up in 2007.

Comcast deal
TiVo this summer received a boost when it signed its first-ever cable deal with Comcast, giving TiVo potential access to the cable giant’s 21.4 million customers.

Mr. Courtney also worked on many of TiVo’s advertiser opportunities, such as an interactive direct-response platform it launched in August with marketers Ameriquest, E-Trade Financial, Nautilus, Novartis and Tylenol.

TiVo’s board is peppered with advertising-industry executives, including OMD Worldwide CEO Joe Uva, NBC Universal Cable President David Zaslav and former Coca-Cola Chief Marketing Officer Chuck Fruit.

The company’s stock price closed Oct. 3 down 3.1% at $5.31 a share.

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