Commvault’s Most Highly Compensated Execs In 2023; CEO Leads Way

Four top executives at the data protection company reported more than $20 million in total compensation in fiscal year 2023. CRN breaks down the salaries, stock awards and other compensation from Commvault’s recent proxy filing.

Commvault’s top four named executives reported more than $20.5 million in combined total compensation during the data protection and management company’s fiscal year 2023.

The top earners for the Tinton Falls, N.J.-based company included President and CEO Sanjay Michandani, Chief Revenue Officer Riccardo Di Blasio, as well as Commvault’s current and former chief financial officers.

Commvault’s recent filing with the U.S. Securities and Exchange Commission sheds light on the company’s top compensated executives for the company’s fiscal year 2023, which ended on March 31, 2023. CRN breaks down the top four highest compensated Commvault executives—including their stock award payouts, base salaries and all other compensation—for fiscal year 2023.

Commvault’s $785 Million Fiscal Year 2023

Commvault reported a total net loss of around $16 million for its entire fiscal year 2023 and generated total revenue of $785 million during fiscal year 2023, which represented a 2 percent increase compared to fiscal year 2022.

“Commvault closed out the year strong, highlighted by Metallic eclipsing the $100 million ARR [annual reoccurring revenue] mark, 15 percent year over year total ARR growth, and strong cash flow,” said Mirchandani, in May during the company’s fourth quarter 2023 earnings report. “We enter the new fiscal year with momentum and confidence that Commvault customers are future proofed for the road ahead.”

Commvault is a top global cloud data protection company with more than 100,000 organizations leveraging its solutions. The company is constantly launching new products and capabilities around cybersecurity aimed at helping businesses secure, defend and recover their data from various cyber threats. Commvault touts itself as the only data protection vendor with early warning, in-depth threat monitoring, and cyber deception for protection and backup environments.

Here are Commvault’s most highly compensated executives for fiscal year 2023.

No. 4: Gary Merrill

Title: Chief Financial Officer

Total Compensation Fiscal Year 2023: $2,481,757

Gary Merrill was appointed Commvault’s new chief financial officer in July 2022 after spending 16 years at the company in various leadership positions.

Merrill received stock awards totaling $1,890,383 in fiscal year 2023 with a base salary of $408,846. All other compensation, including his Commvault’s incentive compensation plan, totaled around $182,000.

He generated $2,481,757 in total compensation in fiscal year 2023.

Merrill was previously the company’s chief of business operations, helping to lead Commvault’s digital transformation initiatives to build a more modernized business platform. He first joined the company in 2001 and played a significant role in the company navigating its public offering and expanding Commvault’s global presence.

No. 3: Brian Carolan

Title: Former Chief Revenue Officer

Total Compensation Fiscal Year 2023: $3,372,674

Brian Carolan is Commvault’s longtime chief financial officer who spent over 21 years at the company before resigning in June 2022.

Carolan received stock awards of $2.76 million in fiscal year 2023, along with a base salary of $108,808. He received $61,500 in incentive plan compensation as well as $439,000 in all other compensation during the fiscal year.

His total compensation for fiscal year 2023 was $3,372,674. In fiscal year 2022, Carolan generated $2,881,776 in total compensation.

Carolan joined SailPoint in December as the company’s new chief financial officer.

No. 2: Riccardo Di Blasio

Title: Chief Revenue Officer

Total Compensation Fiscal Year 2023: $3,858,799

Riccardo Di Blasio became the company’s chief revenue officer in 2019 after leading software company Globetouch as its CEO.

Di Blasio received $3,024,622 in stock awards for fiscal year 2023 with a base salary of $472,115. He generated $356,250 for the company’s incentive compensation plan as well as about $6,000 in all other compensation.

His total compensation for FY23 was $3,858,799. For fiscal year 2022, Di Blasio received $3,803,803 in total compensation.

Over his 22-year IT career, Di Blasio has held top executive roles for the likes of VMware, Cohesity, Globetouch and EMC.

No. 1: Sanjay Michandani

Title: President and CEO

Total Compensation Fiscal Year 2023: $10,852,803

Sanjay Mirchandani was named president and CEO of Commvault in February 2019. Previously, he served as CEO of automation specialist Puppet from 2016 until 2019.

Mirchandani received $9,722,388 in stock awards along with a base salary of $645,000. He generated $462,000 in Commvault’s incentive compensation plan as well as around $23,000 in all other compensation.

For fiscal year 2023, his total compensation was $10,852,803 as president and CEO. In fiscal year 2022, Mirchandani generated $10,760,212 in total compensation.

Mirchandani has held top executive roles for the likes of VMware, Microsoft and EMC over his IT career.