Business
Commvault Announces Agreement with Starboard
Three New Independent Directors with Experience in Cloud, Software and SaaS to Join Board New Operating Committee to Oversee Budgeting Process and Establish
About this update from Commvault Systems, Inc.
[{"type":"text","content":"Three New Independent Directors with Experience in Cloud, Software and SaaS to Join Board\n New Operating Committee to Oversee Budgeting Process and Establish Margin Targets and Balanced Capital Allocation Policy\n\n\nTINTON FALLS, N.J., June 8, 2020 /PRNewswire/ -- Commvault (NASDAQ: CVLT), a recognized global enterprise software leader in the management of data across cloud and on-premises environments, today announced that it has entered into an agreement with Starboard Value LP and its affiliates (\"Starboard\"), an investment firm which owns approximately 9.3% of Commvault's outstanding common stock. \nAs part of the agreement, three new independent directors, Todd Bradley, Allison Pickens and Arlen Shenkman, will join Commvault's Board of Directors, effective June 7, 2020. In addition, the Board will create a new Operating Committee, which will oversee the Company's budgeting process and work with management to establish margin targets and a balanced capital allocation policy for the Company, which the Company has agreed to announce publicly no later than the Company's earnings announcement for the quarter ended December 31, 2020. The Operating Committee will be comprised of Mr. Bradley, Charles Moran and Mr. Shenkman, with Mr. Shenkman serving as Chair. \n\"With our industry-leading technology and commitment to innovation, Commvault has significant opportunities for growth and value creation, particularly given the number of companies moving to remote working environments. Today's agreement reflects the Board and leadership team's commitment to realizing these opportunities and our alignment with Starboard on additional directors and actions to support these efforts,\" said Nicholas Adamo, Chairman of the Commvault Board. \n\"We have been evolving the Board's skill set with an emphasis on experience in software and cloud to advance our transformation. We are pleased to add three highly qualified directors who bring both targeted experience and diversity to the Board. We also expect the new Operating Committee to build on the progress Sanjay Mirchandani has made since being appointed CEO, including important changes to our operating priorities, improvements to our go-to-market strategy and investments in Commvault's technology differentiation,\" Mr. Adamo continued.\nJeff Smith, Chief Executive Officer of Starboard, said, ...