Exec Previously Struck Distribution Deal With DVR Company
Todd Spangler --
TiVo announced that Peter Aquino -- the former RCN president and CEO, who struck a strategic deal to use TiVo boxes as the operator's primary DVR platform -- was named to its board effective Sept 22.
Aquino, 49, headed RCN from December 2004 until August 2010, departing after the company was taken private by private equity firm ABRY Partners. He will receive stock grants worth about $300,000 based on TiVo's current share price, comprising 25,000 stock options that vest over the course of four years and 8,300 shares of restricted stock to vest 25% annually on the grant anniversary over four years.
With his addition, TiVo's board will increase to eight members, including seven independent, outside directors.
"Bringing someone with his level of knowledge and professional acumen to our board will undoubtedly help TiVo as we continue to execute our broader strategic growth plans, expand our global footprint through further deployment of our advanced television solutions and, once again, reinvent how consumers watch television," TiVo president and CEO Tom Rogers said in a statement regarding Aquino's appointment.
Aquino currently serves as a director of Primus Telecom Group and the United Way of America. Prior to RCN, he was senior managing director of consulting firm Communications Technology Advisors LLC and began his career at Bell Atlantic (now part of Verizon) in 1983.
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