Effective July 15, 2014, Rainmaker Systems Inc. announced that Donald Massaro resigned from the board of directors of the company and stepped down as President and Chief Executive Officer of the company. The Board of Directors has initiated a search for a new CEO to succeed Mr. Massaro. Effective July 15, 2014, the Board named James Hopkins, a current member of the Board, as interim President and CEO while the search for a new CEO is concluded.

In addition, effective July 15, 2014, the Board appointed Mr. Hopkins as Chairman of the Board and to its Governance and Nominating Committee as its Chair. Mr. Hopkins will not receive any additional compensation for his service as interim President and CEO. Effective July 15, 2014, Bradford Peppard, the Company's Executive Vice President and Chief Financial Officer, resigned from the Board.

On July 15, 2014, Mr. Peppard also agreed to resign as Executive Vice President and Chief Financial Officer of the Company, effective as of a future date to be determined. The Board intends to continue to retain the services of Mr. Peppard as Executive Vice President and Chief Financial Officer until such time as his replacement is appointed in order to provide for a smooth transition of that role.