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8-K - FORM 8-K - PROGRESS SOFTWARE CORP /MA | b89287e8vk.htm |
EX-10.1 - EX-10.1 - PROGRESS SOFTWARE CORP /MA | b89287exv10w1.htm |
EX-10.2 - EX-10.2 - PROGRESS SOFTWARE CORP /MA | b89287exv10w2.htm |
Exhibit 99.1
P R
E S S A N N O U N C E M E N T
CONTACT:
Investor Relations: Tom Barth +1 (781) 280-4135 tobarth@progress.com |
Press Relations: John Stewart +1 (781) 280-4101 jstewart@progress.com |
Progress Software Appoints Jay Bhatt President and Chief Executive Officer
Former Autodesk, Inc. Senior Executive to Lead Progress Softwares
Next Phase of Growth
Next Phase of Growth
BEDFORD, MA, November 28, 2011 (BUSINESSWIRE) Progress
Software Corporation (NASDAQ: PRGS), a leading software provider
that enables enterprises to be operationally responsive, today announced the appointment of accomplished software technology executive Jay Bhatt
as its President and Chief Executive Officer, effective December 5, 2011. Mr. Bhatt will also be
elected to the Progress Software Board of Directors.
Michael Mark, Chairman of the Progress Board of Directors, commented: We are delighted to welcome
Jay Bhatt to Progress Software. Jay has successfully driven the strategy and day-to-day operations
of Autodesks largest vertical business unit for the past eight years. The Progress Board of
Directors is in unanimous agreement that Jay has the right combination of experience, skills and
talent to lead Progress Software and drive the companys strategic vision and execution.
I am honored to be selected for this important role and thrilled to be joining Progress Software
at this critical time in the companys evolution, said Jay Bhatt. Progress has an excellent
team, a large and impressive customer base, a loyal partner group and a very attractive portfolio
of innovative products and solutions that enable businesses to become more responsive. I look
forward to leading the company through the changing business landscape and strongly believe that
Progress is positioned to succeed in the future with both a winning strategy and a technology
portfolio that is critical to its partners and customers, he added.
Prior to joining Progress Software, Jay Bhatt was responsible for Autodesks global Architecture,
Engineering, and Construction (AEC) Solutions Division. In this role, Mr. Bhatt had responsibility
for software development, marketing, product management, product design, business development,
finance and human resources. Prior to this role, Mr. Bhatt led Autodesks Corporate Development,
Business Development and Strategy functions, and was responsible for driving M&A, strategic
partnerships and corporate strategic planning.
Beginning in 2000, Mr. Bhatt served as the Chief Financial Officer and Head of Corporate
Development for Buzzsaw.com, Inc., which was acquired by Autodesk in 2001. Earlier in his career,
he worked as an investment banker.
Mr. Bhatt received a Bachelor of Arts degree from the University of Pennsylvania, and a Juris
Doctor degree from the University of California, Los Angeles (UCLA) School of Law.
Richard D. Reidy, who announced on August 1, 2011 that he would leave Progress Software once a
successor was found, will step down as President and Chief Executive Officer and as a member of the
Progress Software Board on December 5th.
Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software company that enables enterprises
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 infrastructure 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 Software
maximizes the benefits of operational responsiveness while minimizing IT complexity and total cost
of ownership. Progress Software can be reached at www.progress.com
or +1-781-280-4000.
END