The co-founder of US digital video recorder pioneer TiVo is relinquishing his role as ceo of the company.
The search for Michael Ramsay's replacement is already underway. He will continue in the post until his successor is found and remain as chairman.
TiVo, whose set-top boxes allow TV viewers to simultaneously record and playback live TV and skip commercials, has found itself under increasing pressure over sluggish growth in subscribers [WAMN: 24-Nov-2004].
The company has been particularly hard hit by its former partner, satellite service DirecTV, which recently announced it would develop its own recording system.
DirecTV, owned by Rupert Murdoch's News Corporation, accounted for around 75% of TiVo's new subscribers in the fourth quarter.
Says Ramsay (55): "The time is right for me, personally and professionally, to bring in an outstanding ceo to lead the company so I can focus on future strategy."
Analysts believe a new face at the helm may be more open to deals with cable and satellite companies, in contrast to Ramsay who has been reluctant to open up TiVo's technology.
Data sourced from Financial Times Online; additional content by WARC staff