Vendavo Names Neil Lustig as Chief Executive Officer

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Retiring CEO Al Crites to Join Vendavo Board of Directors

Vendavo is a great company with market leadership position, innovative products, extremely skilled and dedicated employees, and a loyal global customer base

Vendavo®, the leading provider of business-to-business price management and optimization solutions, today announced that Neil Lustig, GM of Worldwide Field Operations, has been named chief executive officer. Neil succeeds Al Crites, who has served as Vendavo’s CEO since 2003. Al is retiring as CEO but will continue to serve Vendavo as a member of the company's Board of Directors.

Al Crites became CEO in 2003 and over the last seven years had led the company through a period of strong growth and success. Under his leadership, Vendavo has become the leading provider of price management and optimization solutions for B2B companies. The company has significantly grown its customer base, revenues and employees. Vendavo expanded its operations in Europe and penetrated new industries. The company established highly successful partnerships with SAP and with leading consulting firms such as Accenture, Deloitte, and IBM.

“Al has done a tremendous job in guiding Vendavo from a start-up to a thriving and profitable company that is serving the needs of global companies. His leadership has been instrumental in building a strong foundation for the company to drive future growth and success” said Jamie Rapperport, founder of Vendavo. “I am excited about the appointment of Neil Lustig as CEO. In Neil, we have a dynamic, capable and visionary leader who will drive the next phase of growth for the company.”

“It has been a privilege to have led Vendavo for the past seven years. I am proud of our accomplishments as a team and the strong momentum we have in the marketplace” said Al Crites. “I know that the business is in capable hands with Neil. At Vendavo, Neil has provided decisive leadership, demonstrated a deep understanding of our business and technology, and shown unwavering commitment to customer success. He has the experience and vision to lead the company on to future success.”

“I want to thank Al for his deep commitment to Vendavo and his contribution to the company’s success.” said Neil Lustig, chief executive officer of Vendavo. “Vendavo is a great company with market leadership position, innovative products, extremely skilled and dedicated employees, and a loyal global customer base. I am excited about the opportunity to lead Vendavo, build on the momentum and grow the business by helping our customers become successful.”

Since 2007, Neil Lustig has served as GM of Worldwide Field Operations at Vendavo. In his role, he was responsible for leading the company’s commercial team on a global basis.

Prior to joining Vendavo, Neil was at Ariba where he led the company’s North American field operations for two and a half years. Previously, he served as general manager of Ariba’s EMEA field operations. Neil also spent 16 years at IBM, serving in a variety of sales and account management roles.

About Vendavo
Vendavo is the leading provider of price management and price optimization solutions for business-to-business companies worldwide. Vendavo Enterprise Pricing Suite solves pricing problems by giving businesses true enterprise-wide control of their entire pricing process. It combines pricing science, pricing best practices, and enterprise-class pricing software to drive small improvements in average prices at every stage of the pricing process, from segmentation to deal close. Together, these improvements deliver big increases in profits – from 10% to 30%. Vendavo is the enterprise pricing solution of choice for more than 160 customer divisions at some of the world’s biggest names in chemicals, high-tech and industrial manufacturing, consumer products, mill products and distribution. SAP resells the Vendavo solution to its customers as SAP Price and Margin Management. To learn more, or to request information, visit http://www.vendavo.com.

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Tapan Bhatt
Vendavo
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