On July 27, 2012, the Board of Directors of Rainmaker Systems Inc. initiated a search for a new Chief Executive Officer to succeed Michael Silton as Chief Executive Officer of the Corporation. The Board of Directors intends to retain the services of Mr. Silton as CEO until such time as a new CEO is appointed in order to provide for a smooth transition of the CEO position. Mr. Silton will also continue to serve as a member of the Board of Directors of the company and as its Chairman.