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2018: Departure from the job of the CEO of Commvault under pressure of shareholders
In May, 2018 the producer of software solutions for management and data protection of Commvault announced Neill Robert's resignation of the Hummer from a position of the CEO which he took about 20 years. Resignation happened under pressure of shareholders.
In April, 2018 the hedge fund of Elliott Management which possesses 10.3% of stocks of Commvault, declared the discontent with profitability of business of the company and began to line other shareholders to replacement of the leadership for improvement of financial performance or sale to the company. Elliott was going to appoint four representatives in Board of Directors of Commvault.
Elliott is known that it takes shares of the large IT companies, and then actively lines their heads to carrying out restructuring for the purpose of increase in shareholder value. At the suggestion of this hedge fund HP and eBay were separated, the producer of the systems of a video conferencing Polycom is sold, there was a restructuring of Citrix IT company.
Besides, in the history of Elliott there were cases when the fund, having received significant control over the small IT company, then sold it to private investors. On the indicators (annual revenues grew by 9%, the margin made only 10%) Commvault can quite correspond to a portrait of such company on which Elliott will put pressure, notes CNBC TV channel.
In May, 2018 announced conducting "constructive dialogue" and conclusion of an agreement with Elliott. Resignation of the head and start of the new strategic plan were one of conditions of the arrangement.
 | Considering this plan and operational priorities which are accurately defined in connection with it, Robert the Hummer and Board of Directors of Commvault came to a conclusion that suitable time to start search of the new CEO who will head the company at a new stage, said in the statement of Commvault came. |  |
The new CEO will be found later. The Hummer will remain the chairman of the board of directors.[1]
2019: Departure from the job of the chairman of the board of directors of Commvault
In February, 2019 Robert the Hummer left a post of the chairman of the board of directors of Commvault, but reserved the place in Board of Directors as the Honorary Chairman (Chairman Emeritus). The Hummer will continue to work in the company during the transient period and will leave Commvault after its end on March 31, 2019.
Notes
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