- Two of the directors nominated by Rovi (NASDAQ:ROVI +0.2%) activist Engaged Capital - Raghavendra Rau and Glenn Welling - have been elected to the program guide/content-protection IP firm's board at today's annual meeting. A third, David Lockwood, wasn't elected.
- Notably, one of the Rovi directors being replaced is chairman Andew Ludwick. The other is Jim O'Shaughnessy, a former IP counsel at multiple tech firms.
- Rovi states CEO Tom Carson will now be chairman under the company's bylaws. The company also tries to put a positive spin on the vote. "We thank our stockholders for their efforts and consideration in re-electing five of our directors ... We also value insights and feedback we have received from our stockholders over the past several weeks. We look forward to welcoming Glenn and Raghu to the Board..."
- Back in April, Engaged accused Rovi's board of having ""all the hallmarks of a broken and unaccountable governance structure that has incubated poor decision making and led to the continued destruction of shareholder value." In February, Rovi was reported to be interested in hiring a strategic advisor.