TiVo has named Wesley Gutierrez as its chief financial officer, effective December 30, 2019, replacing Peter Halt who was terminated from that role the same day.
In a securities filing, TiVo said Halt’s termination was “unrelated to TiVo’s financial reporting or disclosure controls and procedures.” He will remain with the company until March 31 in an advisory role.
In its securities filing, TiVo said Halt would be paid $50,000 per month for his advisory work during the transition period and he would eligible to receive his annual bonus for 2019.
Halt had been CFO at Rovi, which acquired TiVo in 2016, in a $1.1 billion deal. He was also a senior vice president of finance at Gemstar and was CFO at Sony Pictures Digital Entertainment from November 2000 to November 2003.
Gutierrez, who is currently TiVo’s chief accounting officer, has been with the company or its predecessors since 2004. He has been senior vice president, chief accounting officer, and treasurer since July 2015.
TiVo said Gutierrez’s base salary and bonus targets would be unchanged.
The news comes as TiVo announced it has reached a deal to be acquired by Xperi, a move that is expected to create one of the leading tech-licensing platforms in the entertainment industry.
The all-stock deal, which values TiVo at about $1.2 billion, represents a combined enterprise value of $3 billion.
Under the terms of the merger, Xperi’s chief executive officer, Jon Kirchner, will serve as CEO of the new parent company. Xperi’s CFO, Robert Andersen, will serve as the new company’s finance chief.
TiVo, reportedly, had been planning a split into two companies that would have separated its product and patent-licensing businesses.
TiVo CEO Dave Shull said the merger with Xperi would create more value for shareholders by allowing each company to, “go to market with greater financial and operational scale.”