Rimini Street Appoints New COO

Rimini Street , Inc. (NASDAQ:RMNI), a global provider of enterprise software products and services with annual revenue of $426 million and an impressive 73% stock price gain over the past six months, has announced the appointment of Mr. Vijay Kumar as its Chief Operating Officer effective Monday, May 6, 2025. This key executive move was disclosed in a recent filing with the Securities and Exchange Commission. According to InvestingPro data, the company maintains strong gross margins of 61% despite recent challenges.

Mr. Kumar, 50, brings over 25 years of experience in enterprise software, SaaS, and various technology leadership roles. His professional background includes significant stints at Genesys Cloud as Senior Vice President and at Kony Inc., HP (NYSE:HPQ) Software (ETR:SOWGn), and Vignette. His expertise covers areas like go-to-market strategies, post-sales services, and product management. With InvestingPro analysis showing expected profitability this year, Kumar’s appointment comes at a crucial time for the $311 million market cap company.

The company’s offer letter, dated May 5, 2025, outlines Mr. Kumar’s compensation, which includes an annual base salary of $400,000 and a target annual incentive of $225,000. Additionally, he is set to receive equity awards comprising stock options and restricted stock units (RSUs) for 100,000 shares each, vesting over three years, subject to continued service with the company.

Rimini Street’s strategic appointment of Mr. Kumar is part of the company’s ongoing efforts to strengthen its executive team and bolster operational leadership. The press release emphasized that Mr. Kumar’s appointment was not the result of any prior arrangement with other company personnel and that he holds no familial relationships with any executive officers or directors at Rimini Street.

This news is based on a press release statement and the information provided is sourced from the SEC filing by Rimini Street, Inc.

In other recent news, Rimini Street Inc. reported its first-quarter 2025 earnings, revealing a revenue of $104.2 million, slightly surpassing the forecast of $103.26 million. However, the company fell short of earnings per share (EPS) expectations, posting $0.04 against a forecast of $0.07. Despite this, Rimini Street’s gross margin improved to 61% from 59.8% year-over-year, highlighting enhanced operational efficiency. The company continues to focus on strategic partnerships and cost optimization efforts, though formal guidance remains suspended due to ongoing litigation with Oracle (NYSE:ORCL). Rimini Street anticipates significant revenue contributions from its partnership with ServiceNow (NYSE:NOW) by 2026. Separately, Apsen Farmacêutica, a Brazilian pharmaceutical manufacturer, has enhanced its enterprise resource planning system by integrating ServiceNow’s technology over its existing SAP platform. This collaboration, facilitated by Rimini Street, aims to automate workflows and improve operational efficiency without migrating to SAP S/4HANA, resulting in a 70% reduction in manual processes for Apsen. These developments reflect recent strategic initiatives and performance metrics for both companies.

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