Commvault Names Company Veteran Gary Merrill as Chief Commercial Officer and Appoints Toast Executive Jennifer DiRico as Chief Financial Officer

Rhea-AI Summary

Commvault, a leader in cyber resilience and data protection for hybrid cloud environments, announced significant leadership changes. Gary Merrill, the company's long-time executive and current CFO, will become the first Chief Commercial Officer (CCO), leading global sales and partner teams. Jennifer DiRico, formerly with Toast, will take over as CFO starting August 12. DiRico played a key role at Toast's IPO and helped the company grow its customer base to over 100,000 and ARR to over $1 billion. Merrill aims to drive Commvault's SaaS growth and expand market reach, while DiRico will focus on advancing the company's revenue growth initiatives.

Positive

• Appointment of experienced executive Gary Merrill as Chief Commercial Officer, leading global sales and partner teams.
• Recruitment of Jennifer DiRico as new CFO, bringing her extensive experience from Toast, where she helped achieve a successful IPO and significant revenue growth.
• Merrill focusing on accelerating Commvault's SaaS engine and expanding market routes, potentially boosting revenue.
• DiRico's background in finance, investor relations, and operations expected to enhance Commvault's growth initiatives.

Negative

• Potential risks associated with leadership transition and the need for effective integration of new executive roles.

Merrill and DiRico will work hand-in-hand to accelerate Commvault's next wave of growth

TINTON FALLS, N.J., July 8, 2024 /PRNewswire/ -- Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced that long-term Commvault executive and current Chief Financial Officer (CFO), Gary Merrill, will transition to a new role, serving as the company's first Chief Commercial Officer (CCO). In this role, Merrill will lead the company's global sales and partner teams.

This transition created an opportunity for Commvault to recruit another dynamic and growth-oriented CFO and the company selected Jennifer (Jen) DiRico for the role. DiRico will assume her new position at Commvault on August 12.

DiRico spent close to a decade at Toast, where she was instrumental in its successful IPO and in supercharging the company's growth. During her tenure at the company, Toast expanded its customer base to over 100,000 customers and annual recurring revenue (ARR) to over $1 billion. She will leverage her vast knowledge and experience in finance, investor relations, operations, and international markets to advance Commvault's revenue growth initiatives.

Merrill, an 18-year Commvault veteran, will use his operations, finance, and customer and partner expertise to accelerate adoption of the Commvault Cloud platform, expand the company's routes to market, and scale its high-growth SaaS engine. This will play a key role in helping Commvault rapidly expand its leadership in cyber resilience while driving even greater value for customers and partners.

"When Gary threw his hat in the ring for the CCO role, we immediately knew this was the right move at the right time. Gary is relentlessly focused on customers, partners, and operational excellence," said Sanjay Mirchandani, President and CEO, Commvault. "We're also delighted to have Jen joining our leadership team. She has a proven track record of scaling and leading finance and operations teams at high growth companies and is a perfect fit for Commvault."

"The growth that Commvault has seen over the last two years is impressive. During that time, I've worked closely with our sales and partner leadership globally to instill close strategic alignment," said Merrill. "I'm excited to take those relationships to the next level as CCO, as we focus on reaching $1 billion in ARR by FY'26. I also look forward to partnering with Jen as we transition into our new roles."

"I'm thrilled to join Commvault at such a pivotal time," said DiRico. "Commvault's highly successful transition to a subscription and SaaS model is world-class. I look forward to expediting Commvault's profitable growth as the company leads the charge in cyber resilience. I'm also excited to work closely with employees around the globe, including the company's talented leadership team."

About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.

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SOURCE COMMVAULT

FAQ

What new roles were announced at Commvault on July 8, 2024?

Commvault announced Gary Merrill as the new Chief Commercial Officer and Jennifer DiRico as the new Chief Financial Officer.

When will Jennifer DiRico start her role as CFO at Commvault?

Jennifer DiRico will assume her position as CFO at Commvault on August 12, 2024.

What experience does Jennifer DiRico bring to her new role at Commvault?

Jennifer DiRico brings extensive experience from Toast, where she was instrumental in its IPO and helped grow its customer base to over 100,000 and ARR to over $1 billion.

What will be Gary Merrill's focus as the new Chief Commercial Officer at Commvault?

Gary Merrill will focus on accelerating the adoption of Commvault's Cloud platform, expanding market routes, and scaling its high-growth SaaS engine.

How might the leadership changes at Commvault impact its growth?

The leadership changes aim to accelerate Commvault's growth by leveraging Gary Merrill's operational and sales expertise and Jennifer DiRico's financial acumen.