TiVo Inc. hired interim CFO Cal Hoagland to replace Steven Sordello, who had resigned in June to join LinkedIn Corp., an online networking tool. Tivo officials report that the company will continue its search for a permanent finance chief.
The 50-year-old Hoagland has been a principal of Financial Leadership Group, a Silicon Valley CFO services and board advisory consultancy, since 2005. Prior to that, he served as finance chief for several technology companies, including Interwave Communications, Phasecom, and ACCOM. He was also treasurer at Persistence Software and corporate controller of both ADAC Laboratories and Valence Technologies. Hoagland served as an audit manager with Coopers & Lybrand, a precursor of PricewaterhouseCoopers.
TiVo, the company that provides digital recording services for television, will pay Hoagland and FLG $2,500 per day and $350 per hour if the CFO exceeds a 55-hour work week. Further, the company will issue Hoagland $1,000 per day in fully-vested shares of the company’s common stock. That means that on an annualized basis, Hoagland and FLG will get about a 15 percent premium above the former CFO’s expected total compensation.
At the time of his departure, Sordello’s salary was listed in TIVO’s Summary Compensation Table at $131,000, with his total compensation reaching $450,000. Because Sordello resigned before his first-year anniversary, which he would have celebrated in August, his stock options didn’t fully vest, the company reported in a regulatory filing. TiVo estimated that Sordello’s options were worth more than $2 million.
Sordello left TiVo after serving as CFO for less than a year to take a job at Silicon Valley Internet company LinkedIn.
Sordello is the former CFO of Ask Jeeves, the Internet search site that was recently bought by IAC/Interactive. He also held senior finance positions at Adobe Systems and Syntex Corp.