Engaged Capital Sends Letter To Rovi Board, Nominates Candidates For Election

(RTTNews) - Engaged Capital, an investment firm specializing in small and mid-cap North American equities and beneficial owner of 549,900 shares of the common stock of Rovi Corp. (ROVI), said it has sent a letter to the company's board of directors.

In the letter, Engaged Capital expressed frustration with the board's intransigence and lack of progress on board reconstitution. The investment firm noted that the long-tenured incumbent board presided over 7 years of shareholder value destruction and shareholder returns have been negative.

The company said that despite conversations with the board for changes in its composition,the board continued to procrastinate. As a result, Engaged was left with no choice, but to formally nominate four highly-qualified candidates for election at 2015 annual meeting.