TiVo Hires Interim CFO
Financial Leadership Group’s Hoagland to Step In for Sordello
By Todd Spangler -- Multichannel News, 7/11/2007 8:15:00 AM
Following the departure of chief financial officer Steve Sordello, TiVo enlisted consulting firm Financial Leadership Group to provide temporary help.
TiVo July 9 retained Cal Hoagland, a principal of San Mateo, Calif.-based FLG, as interim CFO until the digital-video-recorder maker can find a replacement, the company said in a Securities and Exchange Commission filing. TiVo also retained a search firm and started the process of identifying CFO candidates.
Sordello, who joined TiVo in August 2006, quit the company last month to join online professional network LinkedIn as CFO.
TiVo's consulting agreement with FLG has an initial term of 90 days, after which TiVo has the option to extend it in two-week increments.
The company said it will compensate Hoagland and FLG at an annualized rate approximately equal to Sordello's total compensation, plus 15%. Hoagland will receive $2,500 per day, with hours in excess of 55 per week billed at $350 per hour, as well as $1,000 per day in fully vested shares of TiVo common stock.
Hoagland, 50, joined FLG in May 2005. Previously, he was CFO at Interwave Communications, a wireless-telecommunication-networks-infrastructure company, and he has held financial-management roles at other technology firms.
