Rovi's newly appointed president and CEO Tom Carson will receive a compensation package that includes up to $1.1 million annually in salary and cash bonus, plus stock options and grants currently worth up to $13.1 million, the company disclosed Friday.
Rovi, a supplier of interactive program guides to cable TV operators as well as other entertainment technology and services, announced Carson's promotion to the CEO spot on Thursday. He takes over for outgoing CEO Fred Amoroso, who announced plans to retire earlier this year.
Carson will receive an initial annual base salary of $550,000, and is eligible to receive a cash bonus target equal to 100% of his base salary, according to a Rovi 8-K filing with the Securities and Exchange Commission.
Rovi also will grant Carson on Jan. 3, 2012, options to purchase 300,000 shares of company common stock that will vest over four years. In addition, he will receive two restricted stock awards of 250,000 (with 150,000 of those vesting over a period of up to four years based on the achievement of total annual operating profit performance metrics). The company stock closed at $23.83 per share Friday.
Carson, 52, joined Santa Clara, Calif.-based Rovi in May 2008 when it was called Macrovision Solutions, with the $2.8 billion acquisition of Gemstar-TV Guide International. At Gemstar-TV Guide, he had been president of the North American IPG business and president for North American CE business.