Digital video recorder (DVR) supplier TiVo quietly announced late last week that chief financial officer Steve Sordello is leaving the company after less than a year.
That means Alviso, Calif.-based TiVo is searching for a new CFO for the second time in as many years, as the company seeks to transition its business from selling standalone DVRs to providing DVR software to cable companies and striking deals with advertisers and programmers to use its media measurement and content delivery capabilities.
Sordello, who is departing TiVo to become CFO of an unnamed venture-backed Silicon Valley company, joined TiVo in August 2006 after serving as CFO of Ask Jeeves from 2001 until 2005. He replaced Stuart West, a longtime TiVo executive who became acting CFO in April 2006 when former CFO Dave Courtney departed. West left TiVo when Sordello came onboard.
TiVo said that Sordello has agreed to assist in transitioning his duties and that the company has commenced an executive search for a new CFO.
"Steve is a CFO of high caliber and I want to thank him for his contribution to TiVo and wish him the best with his new opportunity," said TiVo president and CEO Tom Rogers in a statement. "I also want to reiterate my confidence in the potential of TiVo and our current business prospects and look forward to attracting someone to the organization to continue to help us achieve our objectives."
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