Commvault has announced that the company has collaborated with Starboard Value LLP and its affiliates. After the proposed agreement, three new independent Directors will join the company’s Board of Directors.
The names of these three independent directors are Arlen Shenkman, Allison Pickens and Todd Bradley. Furthermore, the company’s Board of Directors have announced that they will create a new operating committee that will help the company to establish its main targets, create balanced capital allocation and to devise the company’s budgeting process.
Chairman of the Commvault Board, Nicholas Adamo said, “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,”
“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,” Mr. Adamo added.
“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 concluded.
Chief Executive Officer of Starboard, Jeff Smith said, “We appreciate the collaborative dialogue we have had with Commvault’s Board and leadership team. Commvault is an outstanding company.”
“We believe the expertise provided by these new directors and the focus of the Board’s Operating Committee will help improve Commvault’s profitable growth, return on investment, and enhance value creation,” company’s Chief Executive Officer Jeff Smith further added.