Our attorneys have wide-ranging experience over many years in the corporate governance arena. As a result of this expertise, our lawyers have been helping clients cope with the array of legislative and regulatory responses coming out of the U.S. Congress, the U.S. Securities and Exchange Commission and major U.S. stock exchanges.
Paul, Weiss Advises Commvault in Agreement with Starboard
- Client News
- June 7, 2020
Paul, Weiss advised Commvault, a global enterprise software leader in data management across cloud and on-premises environments, in its agreement with New York-based activist investor Starboard Value LP with respect to Commvault’s board of directors. Under the terms of the agreement, Starboard will withdraw its previous director nominations and Commvault will appoint three new independent directors, Todd Bradley, Allison Pickens and Arlen Shenkman, to the Commvault board.
In connection with the agreement, Alan Bunte, Frank Fanzilli and Daniel Pulver will be departing the board; the board will now be comprised of 11 directors, 10 of whom are independent. Starboard agreed to support the board’s full slate of directors at the company’s 2020 Annual Meeting. In addition, the board will create a new Operating Committee to oversee the company’s budgeting process and establish margin targets and a balanced capital allocation policy for company, which will be announced publicly no later than December 31.
The Paul, Weiss team included corporate partners Scott Barshay, Steven Williams, John Kennedy and David Huntington and counsel Frances Mi; employee benefits partners Lawrence Witdorchic and Jean McLoughlin; and antitrust counsel Marta Kelly.