Progre Software Names Phil Pead as Interim Chief Executive Officer Effective November , 0

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

01-Nov-2012

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.

LINK:	http://www.datadirect.com/pressrelease/progress-software-na-65395.html...
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