Marty Yudkovitz resigned effective Monday, TiVo announced. The news comes less than three weeks after Chairman and CEO Mike Ramsay said he planned to step down from the CEO post as soon as a successor could be found.
The announcement leaves TiVo -- a company whose name is nearly synonymous with DVRs -- with uncertain leadership at a time when it faces increasing competition from non-TiVo DVRs supplied by satellite and cable TV operators.
The satellite operator
, the source for 75% of TiVo's subscriber additions in its latest fiscal quarter, indicated in January it would focus on selling
a competing product from a company affiliated with DirecTV's controlling shareholder,
TiVo's shares, which were trading near $13 a year ago, fell 14 cents Tuesday to $3.87.
executive who joined TiVo less than two years ago, was given the task of "driving deployment of TiVo through satellite, cable and advertising partnerships," the company announced at the time of his hiring.
The partnerships with cable operators such as
haven't panned out, William Blair analyst David Farina pointed out in a note Tuesday morning. "While this is not good news, it is clear that TiVo is going in a new direction and focusing on the stand-alone business," Farina writes. "Mr. Yudkovitz's departure further increases the company's dependence on the stand-alone business, as Mr. Yudkovitz was the company's best hope of finding a cable partner, in our view."
Farina has an outperform rating on the company. "We still hold steadfast that the current technology and customer base is worth more than $5," he writes. (Farina or a member of his family owns TiVo stock.)
Yudkovitz, who TiVo said would consult with the company on certain matters for an undisclosed period of time, said he was resigning to "reacquaint myself with my wife and kids."