Reidy Led Progress Software's Restructuring, Repositioning And New
Business Strategy
BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS), a leading software provider
that enables enterprises to be operationally
responsive, announced today that President and Chief Executive
Officer, Richard D. Reidy, will leave the company when a successor is
named. An external search will be initiated immediately. At the request
of the company's board of directors, Mr. Reidy will continue as
President and CEO of the company until a successor is named.
Mr. Reidy has held numerous leadership positions at the enterprise
software company during his 27-year tenure. He was appointed President
and CEO in March 2009 and provided the vision and leadership for
Progress Software's repositioning and its current business strategy.
During this time, Mr. Reidy restructured the company, unifying its
product and solution portfolio into the company's current "One Progress"
structure, creating a more focused go-to-market discipline.
Michael Mark, Chairman of the Progress Board of Directors, said: "We
deeply appreciate Rick's excellent leadership through what have been
transformative years and we're thankful for the strong contributions
Rick has made to Progress Software since its early days. We are also
grateful he has chosen to lead the company in the coming months as we
search for a permanent CEO."
Mr. Reidy commented: "Progress Software has undergone a profound and
successful transformation over the past few years. We have repositioned
and refocused the company in exciting new high growth areas and are
executing well. New leadership will help accelerate our strategy going
forward. Progress has a rich 30 year history of providing compelling
products, solutions and service, all of which continue to drive success
for our customers and partners. I would like to thank every Progress
employee, customer and partner for the contributions they continue to
make to the company's success."
Mr. Reidy will continue to serve on the company's board of directors
until his departure date. The terms of Mr. Reidy's departure were
mutually agreed upon by Mr. Reidy and the Progress board of directors.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is an independent
enterprise software company that enables businesses to be operationally
responsive to changing conditions and customer interactions as they
occur — to capitalize on new opportunities, drive greater efficiencies
and reduce risk. The company offers a comprehensive portfolio of
best-in-class enterprise software spanning event-driven visibility and
real-time response, open integration, data access and integration, and
application development and deployment — all supporting on-premises and
SaaS/Cloud deployments. Progress maximizes the benefits of operational
responsiveness while minimizing IT complexity and total cost of
ownership. Progress can be reached at www.progress.com
or +1-781-280-4000.
Progress is trademark or registered trademark of Progress Software
Corporation or one of its subsidiaries or affiliates in the U.S. and
other countries. Any other marks contained herein may be trademarks of
their respective owners.
Press Contacts:
Progress Software
John Stewart, +1
781-280-4101
jstewart@progress.com
or
Progress
Software
Kim Karelis, +1 617-226-8844
progresssoftware@lewispr.com
or
Investor
Contact:
Progress Software
Tom Barth, 781-280-4135
tobarth@progress.com
Source: Progress Software Corporation
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