- Strong signs for push-out forces
- After less than one year on the job
- Thanks for Sander
- Zack Rinat takes over in the interim
(management-change.com) — Redwood City, California, November 15, 2016 — Ed Sander, chief executive of Model N, leaves. It is an abrupt change. As announced by Model N, Inc. in a news release and in a regulatory filing published on Tuesday, November 15, 2016, Edward (Ed) Sander leaves the post as Chief Executive Officer at the provider of cloud-based revenue management solutions in a surprising move after less than one year on the job, effective immediately.
No company wants a CEO to flame out in the first year.
Sander’s duties are taken over in the interim by Zack Rinat, founder and Executive Chairman of the Board of Directors at Model N, Inc.
“To enhance execution”
Sander’s sudden departure is explained as follows. Charles Robel, Model N’s Lead Independent Director said in a fairly blunt statement: “The Board of Directors has full confidence in Zack and the executive leadership team to enhance execution, better capitalize on the market opportunity for cloud-based revenue management, and drive Model N to long-term profitable growth.”
Model N said: Edward Sander “will be leaving the company and resigning from the board of directors effective November 18, 2016”.
Precise information about the future plans of Sander was not immediately available.
Share price decline
The change follows a decline in the share price of Model N, Inc. since August 2016.
Soros holds 7.72 percent stake
Soros Fund Management LLC reported a 7.72 percent stake in Model N, Inc. as of June 30, 2016. Soros Fund Management is an American hedge fund management firm. The firm was founded in 1969 by George Soros.
On the job as CEO since 2016
Edward Sander has been the Chief Executive Officer of Model N, Inc. since February 21, 2016.
Edward Sander was most recently Global Vice President and General Manager at NICE Systems.
As General Manager of the company’s NICE Actimize Anti-Money Laundering line of business, Sander oversaw product creation, solution delivery, go-to-market planning, and client relationship management activities.
Sander has expertise in portfolio management and new product development across analytics, audit-compliance, business process management, and customer relationship management solutions for the banking, insurance, energy, and life science markets.
Prior to joining NICE Systems, he held leadership positions at other leading enterprise software companies including IntraLinks and SAP.
On February 8, 2016, Zack Rinat had said: “As a founder of Model N, I am responsible to ensure the long-term success of our customers, employees, partners, shareholders and ultimately Model N. I am personally gratified to have attracted an executive of Ed’s caliber to be our CEO.”
On February 8, 2016, Zack Rinat had said: “This is our time to unleash the power of Revenue Management to the broader market. Edward is bringing additional executive leadership and deep scalability know-how to Model N. I will remain 100% dedicated to Model N and to supporting Ed in my capacity as Executive Chairman focused on board development, strategy and industry awareness of the power of revenue management. I am delighted to welcome Ed to the company, and I look forward to working closely with him to ensure continuity over the coming months and years.”
Strong signs for push-out forces
It is not completely certain what forces eventually triggered Ed Sander’s move.
The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 43.2016 ($).