NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Engaged Capital, LLC (together with its affiliates, “Engaged Capital” or “we”), an investment firm specializing in small and mid-cap North American equities and beneficial owner of 550,000 shares of the common stock of Rovi Corporation (“Rovi” or the “Company”) (Nasdaq: ROVI), announced today that preliminary results show that two of Engaged Capital’s highly-qualified nominees – Raghavendra Rau, and Glenn W. Welling were elected to the Rovi board of directors (the “Board”) at the annual meeting of shareholders.
“We thank Rovi shareholders for their support and look forward to working constructively with our fellow board members in leading Rovi through a critical point in the Company’s development. Our nominees will contribute fresh, independent, shareholder perspective to the boardroom, and bring extensive experience in developing and implementing strategies that increase shareholder value,” said Glenn W. Welling, Principal and CIO.
“Engaged Capital believes that Rovi has the potential to deliver significant value to shareholders. While we would have preferred to avoid a protracted proxy contest, we believe that this process provided shareholders with a forum to express an unequivocal preference for change. We believe that shareholders have delivered a clear mandate to the Board to reevaluate the Company’s strategy, structure, and spend, as well as improve corporate governance and better align executive compensation with shareholders,” continued Mr. Welling.
About Engaged Capital:
Engaged Capital, LLC (“Engaged Capital”) was established in 2012 by a group of professionals with significant experience in activist investing in North America and was seeded by Grosvenor Capital Management, L.P., one of the oldest and largest global alternative investment managers. Engaged Capital is a limited liability company owned by its principals and formed to create long-term shareholder value by bringing an owner’s perspective to the managements and boards of undervalued public companies. Engaged Capital manages both a long-only and long/short North American equity fund. Engaged Capital’s efforts and resources are dedicated to a single investment style, “Constructive Activism” with a focus on delivering superior, long-term, risk-adjusted returns for investors. Engaged Capital is based in Newport Beach, California.