Dive Brief:

• Commvault reappointed its former CFO Gary Merrill back to its top finance seat effective immediately, the cybersecurity firm said in a Monday press release and securities filing.  
• Merrill is returning to the CFO chair after serving in his role as chief commercial officer for two years. He has spent two decades at the Tinton Falls, NJ-based company, including 15 years in its finance organization and two years as its CFO, ending in 2024, according to the press release. With the appointment, Merrill has stepped down as the company’s chief commercial officer, but brings the “unique customer-centric mindset” of the role back to the top finance seat, according to the press release.
• “Gary was successful as Commvault’s Chief Customer Officer, driving customer and revenue growth, advancing our partner ecosystem, and bringing operational rigor to the Sales and Partner organization,” a Commvault spokesperson told CFO Dive via email. “His direct experience as our Chief Customer Officer makes him the best candidate to return as CFO as he brings this customer-focused mindset to the position, which is unique among finance executives.”

Dive Insight:

In association with his appointment as CFO, Merrill will receive an annual base salary of $500,000, according to the filing with the Securities and Exchange Commission. He is also eligible to receive a variable compensation award “based on attainment of various objectives” with a target value of $500,000.

Merrill will also receive a one-time sign on equity award bonus of restricted stock units with a target value of $1 million, as well as an equity award with a target value of $5 million comprised of a mix between RSUs, financial performance stock units, and relative total shareholder return PSUs.

Merrill’s appointment comes several months after the company, a provider of data security and cyber recovery services, announced Jennifer DiRico would be resigning from the CFO chair in January to take on another role in a different industry, according to a Dec. 4 filing with the Securities and Exchange Commission.

In association with DiRico’s departure, Commvault created a new “Office of the CFO” function to be overseen by its President and CEO Sanjay Mirchandani until a successor in the role was appointed. The “Office” consisted of its VP of Finance Kevin White and Chief Accounting Officer Danielle Abrahamsen, according to the Dec. 4 filing.

During his previous tenure as CFO, Merrill played a “critical role” in Commvault’s transformation to a leading SaaS entity, and “will continue to advance Commvault’s growth strategy with a customer and partner-first mindset,” the spokesperson told CFO Dive.

“Gary has a long tenure with Commvault and a unique understanding of what customers need to be resilient in the AI era,” Mirchandani said in a statement included in the release. “He will drive disciplined financial execution that supports our growth strategy and advances long-term value for our customers, partners, and shareholders.”

Alongside Merrill’s appointment as CFO, Commvault also appointed Geoff Haydon, most recently the CEO of fellow cybersecurity firm Ontinue, as its president of customer and field operations, also effective immediately.  

Both appointments are geared to support Commvault’s continued growth strategy, after the data protection business initiated a cost optimization program at the close of its most recent quarter.

For its third quarter of fiscal 2026, Commvault reported record revenue of $314 million, a 19% year-over-year jump, according to its earnings release, while GAAP net income hit $18 million. However, the business has also initiated two restructuring plans during its fiscal 2026, aimed at optimizing its cost structure as well as reorganizing its “business technology function,” according to its Jan. 27 earnings release.

The company expects the initiatives — which include layoffs, the shuttering of operations in certain areas and “technology transitions” — will be “substantially completed” by fiscal 2027.

The CFO appointment also comes as Commvault reportedly mulls a potential sale, working with Goldman Sachs to scout potential buyers after receiving inquiries from interested parties — including private equity firm Thoma Bravo, according to an April 10 report by Reuters citing people familiar with the matter.

The possible sale could occur as software valuations continue to dip in the wake of the artificial intelligence boom, with concerns regarding how the technology could impact the sector continuing to swirl. Commvault’s shares have declined by about 27% year-to-date, according to Nasdaq.

Though many private equity firms have been cautious about finalizing deals with software firms over the past year due to similar AI-driven concerns, Thoma Bravo co-founder Orlando Bravo sees the valuation dip as a “huge buying opportunity,” he told the Financial Times in January during the World Economic Forum in Davos, Switzerland.

“Software is not at all about the code or about the technology. Software is about your domain knowledge,” Bravo told the FT at the time.