TiVo, the company that brought us the DVR and not much else, has announced that its CEO Tom Rogers will step down from the position he's held for 11 years in January. First spotted by Deadline, the company has lost a third of its stock value over the last year, but claimed Rogers' "accomplishments aren’t fully reflected in TiVo’s stock price."

No matter how you want to rate his time as CEO, Rogers — who is staying on as non-executive chairman — has led the company during a time when it went from an industry leader in innovation, to a company offering a product so ubiquitous it's no longer considered a luxury, or even something worth paying extra for.

TiVo has found itself with a great product that no one actually needs

TiVo's consumer DVR products like the Roamio and the Bolt have gotten good reviews, and many smaller cable companies give TiVos to customers, but with the growth of streaming and cord cutting, TiVo has found itself with a great product that no one actually needs.

The company says it has formed a search committee and will begin looking for a new CEO immediately. In the meantime, it will continue its quest to keep patent licensing fees from every major company it can. After filing lawsuits and walking away with large fees from Verizon, Google, Cisco, Time Warner Cable and AT&T, the company has its sights set on Samsung as its next target. If all goes as planned, the next CEO of TiVo will soon have a nice nest egg to begin their reign with.