Commvault CFO Gary Merrill to resign November 30
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Commvault Systems, Inc. (CVLT) said Gary Merrill will resign as chief financial officer effective November 30, 2026, and serve as an advisor through the fiscal year ending March 31, 2027. Danielle Abrahamsen, the company’s chief accounting officer, will become interim CFO and principal financial officer on December 1, 2026, until a new CFO is in place; Commvault has begun a search. The company also appointed Stan Zlotsky as senior vice president of finance.
Abrahamsen will receive $20,000 per month through March 31, 2027, plus a $400,000 cash bonus for the fiscal year ending that date and restricted stock units with an aggregate target value of approximately $1.5 million, in addition to her current base salary. Commvault reaffirmed its previously issued third-quarter and fiscal 2027 guidance.
Filing Explained
Commvault and interim CFO Danielle Abrahamsen entered a retention agreement dated November 12 that provides 12 months of base salary and accelerated equity vesting for certain qualifying terminations, including in connection with a change in control, subject to her release of claims.
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Additional monthly cash compensation: $20,000 per month
Cash bonus: $400,000
Target value of restricted stock unit award: Approximately $1.5 million
+1 more
4 metrics
Additional monthly cash compensation
$20,000 per month
For Danielle Abrahamsen through March 31, 2027, in addition to her current base salary
Cash bonus
$400,000
For the fiscal year ending March 31, 2027
Target value of restricted stock unit award
Approximately $1.5 million
Award in connection with Abrahamsen’s interim CFO appointment
Severance salary benefit
12 months of base salary
Under the Executive Retention Agreement upon certain qualifying terminations
Key Terms
Executive Retention Agreement, restricted stock units, accelerated vesting, principal financial officer
4 terms
Executive Retention Agreement financial
"the Executive Retention Agreement (the “ERA”)"
restricted stock units financial
"comprised of restricted stock units"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
accelerated vesting financial
"accelerated vesting of equity awards"
A contract feature that makes stock awards, options, or restricted shares become owned or exercisable earlier than the original schedule. It shortens or cancels the waiting period so recipients can sell, transfer, or exercise their equity sooner — think of a timed lock that is unlocked ahead of schedule. It matters to investors because it changes when shares enter the market, who controls them, and how much dilution or ownership concentration happens.
principal financial officer technical
"Interim Chief Financial Officer and principal financial officer"
The principal financial officer is the senior executive who runs a company's financial operations: preparing and certifying financial reports, managing accounting controls, budgets and cash flow, and advising on financial strategy. Investors care about this role because its competence affects how trustworthy the company’s numbers are, how well it manages risk and capital needs, and the credibility of forecasts—like the chief navigator steering a firm's financial course.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What severance does Danielle Abrahamsen’s Executive Retention Agreement provide?
The agreement provides 12 months of base salary and accelerated vesting of equity awards upon certain qualifying terminations, including in connection with a change in control, subject to her execution of a release of claims.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 9, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(732 ) 870-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Gary Merrill as Chief Financial Officer
On November 9, 2026, Gary Merrill notified Commvault Systems, Inc. (“Commvault” or the “Company”) that he will be resigning from his position as Chief Financial Officer of the Company, effective November 30, 2026, to pursue an opportunity at another publicly traded company outside the industry. Following his departure, Mr. Merrill will serve as an advisor to the Company through the end of the Company’s fiscal year ending March 31, 2027. The Company has initiated a comprehensive search for its next chief financial officer. Mr. Merrill’s departure was not associated with or attributable to any disagreement with the Company, including without limitation, any matter relating to the Company’s accounting principles or practices, financial statement disclosures, internal controls, management or operations.
Appointment of Danielle Abrahamsen as Interim Chief Financial Officer
On November 13, 2026, the Company announced the appointment of Danielle Abrahamsen as Interim Chief Financial Officer and principal financial officer, effective December 1, 2026, until a new Chief Financial Officer is in place. Ms. Abrahamsen will continue to serve as the Company’s Chief Accounting Officer and principal accounting officer.
Ms. Abrahamsen has served as the Company’s Chief Accounting Officer since August 2023. Biographical and other information for Ms. Abrahamsen is set forth under the heading “Information about our Executive Officers” in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026, filed with the Securities and Exchange Commission on May 11, 2026, and is incorporated herein by reference.
There are no family relationships between Ms. Abrahamsen and any director or executive officer of the Company, and Ms. Abrahamsen does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no arrangements or understandings between Ms. Abrahamsen and any other person pursuant to which she was appointed as an officer of the Company.
In connection with Ms. Abrahamsen’s appointment as Interim Chief Financial Officer, Ms. Abrahamsen will receive, in addition to her current base salary, monthly cash compensation of $20,000 through March 31, 2027, and a total cash bonus of $400,000 for the fiscal year ending March 31, 2027. Ms. Abrahamsen will also receive an equity award with an aggregate target value of approximately $1,500,000, comprised of restricted stock units, in accordance with the Company’s executive plan.
In connection with Ms. Abrahamsen’s appointment, the Company and Ms. Abrahamsen entered into an Executive Retention Agreement (the “ERA”), dated November 12, 2026, which provides for severance benefits, including 12 months of base salary and accelerated vesting of equity awards, upon certain qualifying terminations of employment, including in connection with a change in control, subject to Ms. Abrahamsen’s execution of a release of claims. The foregoing description of the ERA is not complete and is qualified in its entirety by reference to the full text of the ERA, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
The Company issued a press release announcing Mr. Merrill’s departure, the appointment of Ms. Abrahamsen and the appointment of Stan Zlotsky as Senior Vice President, Finance on November 13, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto.
This information is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under
2
that section and shall not be deemed to be incorporated by reference into filings under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | ||||
10.1 | Executive Retention Agreement with Danielle Abrahamsen, dated November 12, 2026. | ||||
99.1 | Press Release dated November 13, 2026. | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Inline XBRL document). | ||||
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMMVAULT SYSTEMS, INC.
| Date: | November 13, 2026 | /s/ Danielle Sheer | ||||||
| Name: Danielle Sheer Title: Chief Trust Officer | ||||||||
4
Media Contact: | Investor Relations Contact: | ||||
| Andrea Duffy | Michael J. Melnyk, CFA | ||||
| Commvault | Commvault | ||||
646-295-5241 andreaduffy@commvault.com | 646-522-6160 mmelnyk@commvault.com | ||||
Commvault Announces CFO Transition
Danielle Abrahamsen Appointed Interim Chief Financial Officer
Stan Zlotsky appointed SVP, Finance
Current CFO Gary Merrill to Join Another Publicly Traded Company Outside of Industry
Company Reaffirms Third Quarter and Fiscal Year 2027 Guidance
TINTON FALLS, N.J. – November 13, 2026 – Commvault (NASDAQ: CVLT), delivering continuous recovery for the AI era, today announced that Danielle Abrahamsen, Chief Accounting Officer, has been appointed Interim Chief Financial Officer, effective December 1, 2026. Abrahamsen succeeds Gary Merrill, who is leaving the Company to pursue an opportunity at another company outside the industry. Merrill will serve as an advisor to Commvault through the end of its fiscal year. Commvault has engaged Spencer Stuart to assist with the search to identify its next CFO.
Abrahamsen has been with Commvault for more than eight years, serving as Chief Accounting Officer since 2023. She brings extensive experience in financial reporting, accounting operations and public-company finance. Commvault has also appointed Stan Zlotsky as Senior Vice President, Finance. Zlotsky brings experience from Pendo.io, Morgan Stanley and Deutsche Bank, and will work closely with Abrahamsen and the broader finance team to oversee financial strategy and operations, supporting the company’s growth and long-term performance.
“Danielle brings a deep understanding of Commvault’s business and financial operations to the interim CFO role, having served as Chief Accounting Officer for the past three years,” said Sanjay Mirchandani, President and CEO, Commvault. “I’m confident in her leadership as we continue to execute our strategy and capture share in an AI-first world.”
Mirchandani continued, “I want to thank Gary for his contributions to Commvault spanning more than two decades. He departs with Commvault on a healthy growth trajectory, including durable subscription growth, expanding margins and strong free cash flow generation. We wish him the best in his next chapter.”
Third Quarter and Fiscal Year 2027 Guidance
Commvault reaffirms its previous third quarter and fiscal year 2027 guidance issued on October 27, 2026.
About Commvault
Commvault (NASDAQ: CVLT) delivers continuous recovery for the AI era. We help organizations stay ready for constant disruption by returning critical data, applications, identities, and AI systems to a clean, trusted state. Our purpose-built recovery solutions span cloud-native and hybrid environments, leveraging AI to enable resilience at enterprise scale.
Safe Harbor Statement
This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as those related to our restructuring plans, competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault’s business, see “Item 1A. Risk Factors” in our annual report on Form 10-K and “Item 1A. Risk Factors” in our most recent quarterly report on Form 10-Q. Statements regarding Commvault’s beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements.