Model N (MODN) CEO Sander Resigns

November 15, 2016 4:18 PM EST

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Model N, Inc. (NYSE: MODN) announced that Zack Rinat, Model N's founder and Executive Chairman of the Board of Directors, will reassume the role of Chief Executive Officer on an interim basis, effective immediately. Zack succeeds Ed Sander, who is leaving the company.

"We are pleased to have Zack reassume the role of CEO," said Charles Robel, Model N's Lead Independent Director. "Zack led Model N for 16 years and has deep understanding of our market, our strategy and our customers. 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. On behalf of the entire company, we would like to thank Ed for his service to Model N."

"I am incredibly passionate about Model N," commented Zack Rinat. "I look forward to working with the entire team to drive success for our customers, partners, employees and shareholders. We have made excellent progress on the transition of our business model to SaaS and recurring revenue, and we have leading cloud solutions that transform how revenue management is done in the industries that we serve. This is a very strong foundation from which to restore growth for the long-term, and enhance our path to profitability."

Zack has served as the Chairman of the Model N Board of Directors since the company's inception in December 1999 and as the company's Chief Executive Officer until February 2016. Zack is an experienced software executive and entrepreneur. He holds an MBA from Harvard Business School and a BA in computer science from the Technion (Israel Institute of Technology).

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