Progress Software Names Phil Pead as Interim Chief Executive Officer Effective November 2, 2012

Before you go, we thought you'd like these...
Before you go close icon

Progress Software Names Phil Pead as Interim Chief Executive Officer Effective November 2, 2012

BEDFORD, Mass.--(BUSINESS WIRE)-- Progress Software Corporation (NAS: 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 (NAS: 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

KEYWORDS:   United States  North America  Massachusetts

INDUSTRY KEYWORDS:

The article Progress Software Names Phil Pead as Interim Chief Executive Officer Effective November 2, 2012 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners