BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS) today announced that Executive
Chairman Phil Pead has been named the Company's Interim Chief Executive
Officer, effective November 2, 2012. Mr. Pead replaces Jay Bhatt, who
previously informed the Company that he was leaving the Company to
pursue another leadership position. Given the Company's recent agreement
to sell four non-core product lines and the adoption of a plan to
repurchase up to $250 million of its common stock by June 30, 2013, the
Progress Board of Directors and Mr. Bhatt agreed to expedite the
previously announced leadership transition. The Progress Board is
continuing its search process to identify a new President and CEO and
has retained an executive search firm to assist in the search.
Mr. Pead was appointed to the Progress Board of Directors in July 2011.
He was appointed Non-Executive Chairman in June 2012, and named
Executive Chairman on October 8, 2012. Mr. Pead has over 25 years
experience in the software industry, including executive roles in
several publicly and privately held companies, such as Eclipsys
Corporation, Per-Se Technologies, Dun & Bradstreet Corporation, and
Attachmate Corporation.
About Progress Software Corporation
Progress
Software Corporation (NASDAQ: PRGS) is a global software company
that simplifies the development, deployment and management of business
applications on-premise or on any Cloud, on any platform, and on any
device with minimal IT complexity and low total cost of ownership.
Progress Software can be reached at www.progress.com
or 1-781-280-4000.
Investor Relations / Media Contact:
Progress Software
Corporation
Tom Barth, 781-280-4135
tobarth@progress.com
Source: Progress Software Corporation
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