TiVo Shareholders Slap Corporate Wrist Over Payout to Ex-CEO
- Only 31 percent of shares voted approved executive pay program
- Vote shows ‘dissatisfaction’ for $23.4 million exit package
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Months after TiVo Inc. awarded its former chief executive officer a $23.4 million golden-parachute payment, shareholders got a chance to express their opinion, and it was a resolute thumbs down.
At the company’s annual meeting on July 11, just 31 percent of shares voted were cast in favor of TiVo’s executive pay program, its second straight failure to receive approval from a majority of shareholders. Though the vote was a harsh rebuke, it wasn’t binding and doesn’t affect the compensation given to Thomas Rogers, who stepped down as CEO at the end of January and is now non-executive chairman of the digital video-recorder pioneer.