April 2, 2018 / 1:08 PM / 6 months ago

BRIEF-Elliott Management Discloses Stake In Commvault

April 2 (Reuters) - Commvault Systems Inc:

* ELLIOTT MANAGEMENT DISCLOSES STAKE IN COMMVAULT

* NOMINATES FOUR INDEPENDENT DIRECTOR CANDIDATES TO COMMVAULT BOARD

* MANAGES FUNDS THAT COLLECTIVELY OWN 10.3% OF COMMON STOCK AND ECONOMIC EQUIVALENTS OF COMMVAULT SYSTEMS

* NOMINEES TO COMMVAULT BOARD INCLUDE JOHN MCCORMACK, FORMER CEO OF WEBSENSE & CHUCK MORAN, FOUNDER AND FORMER CEO OF SKILLSOFT​

* ELLIOTT MANAGEMENT SAYS ‍ELLIOTT'S NOMINEES TO BOARD OF COMMVAULT INCLUDE MARTHA BEJAR, WENDY LANE, JOHN MCCORMACK, CHUCK MORAN​‍​

* ‍ELLIOTT MANAGEMENT SAYS BELIEVE COMMVAULT SHOULD IMMEDIATELY INITIATE A COMPREHENSIVE OPERATIONAL REVIEW LED BY BOARD​

* 20S OPERATING. MARGIN TARGET WITHIN NEXT 3 YRS

* COMMVAULT'S OPERATING REVIEW SHOULD BE OVERSEEN BY A NEWLY FORMED OPERATING COMMITTEE OF BOARD​

* MARKET MODEL

* YEAR CAPITAL RETURN PROGRAM IN COMMVAULT, COMPRISED OF AN ACCELERATED SHARE REPURCHASE IN 2018

* ELLIOTT, COMMVAULT SHOULD DISCUSS PLANS INCLUDING REVIEW OF MANAGEMENT, BOARD ADDITIONS, OPERATIONAL GOALS

* ADVOCATING FOR CAPITAL RETURN PROGRAM IN COMMVAULT, ALSO WITH MINIMUM PERCENTAGE OF FUTURE CASH FLOW FOR REPURCHASES AFTER 2018​ Source text for Eikon: Further company coverage:

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