Jen DiRico, who has served as Commvault’s chief financial officer since August 2024, will leave the company at the end of 2025. The company has appointed its president and CEO, Sanjay Mirchandani, to oversee an interim Office of the CFO, led by Vice President of Finance Kevin White and Chief Accounting Officer Danielle Abrahamsen. The transition is intended to maintain continuity in financial reporting and capital allocation while a permanent replacement is sought.
Commvault has confirmed that its full‑year financial outlook remains unchanged. Management reiterated guidance for fiscal 2025 of $980 million to $985 million in revenue and 19%–20% growth in total annual recurring revenue (ARR), and for fiscal 2026 of $1.161 billion to $1.165 billion in revenue and 18%–19% ARR growth. The unchanged outlook reflects confidence that the company’s subscription‑based model will continue to drive revenue and margin expansion, even as the CFO transition proceeds.
The company’s recent performance underscores the strength of its subscription engine. In the quarter ended December 31, 2024 (Q3 FY2025), total revenue rose 21% to $262.6 million, driven by a 39% jump in subscription revenue to $158 million and a 75% increase in SaaS ARR. The prior quarter, ended September 30, 2024 (Q2 FY2025), saw revenue of $233 million, up 16% year‑over‑year, with subscription ARR growing 30% to $687 million and SaaS ARR up 64% to $215 million. These results illustrate the company’s ability to scale its cloud‑first, AI‑enabled platform while maintaining healthy margins.
In addition, Commvault reached a milestone of $1 billion in total ARR in the quarter ended September 30, 2025 (Q2 FY2026), two quarters ahead of its projected timeline. The achievement signals robust demand for its cyber‑resilience solutions and positions the company to capture a larger share of the growing subscription market. Management noted that the CFO transition will not alter the company’s strategic focus on subscription growth, capital allocation, and shareholder value creation.
While the CFO departure is a significant leadership change, it has not triggered a shift in the company’s financial guidance or strategic outlook. Investors have previously reacted to a Q2 FY2026 earnings miss—where earnings per share fell short of expectations by $0.03—highlighting the importance of maintaining margin discipline amid rising operating costs. The company’s continued emphasis on cost control and high‑margin SaaS contracts suggests that the new CFO will inherit a resilient financial foundation.
Sanjay Mirchandani said, “Jen has been instrumental in driving our financial discipline and growth. We are confident that the interim leadership team will sustain our momentum while we identify a CFO who can support our long‑term strategy.”
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