Business software maker Progress Software Corp. (PRGS: Quote) on Monday appointed Philip Pead as the new president and chief executive officer of the company, effective immediately.
Pead replaces Jay Bhatt, who stepped down from the positions and as a director, effective November 2, to pursue another leadership position of a privately-held corporation in another segment of the software industry.
Pead was most recently serving as executive chairman and as interim CEO since November 2, when Bhatt left the company.
The Bedford, Massachusetts-based company said Pead will now step down as executive chairman, with Jack Egan replacing him. Egan, a director since September 2011, has also been elected non-executive chairman of the board of directors.
“With more than 25 years of experience in the software industry leading successful public companies and creating significant shareholder value, Phil is uniquely qualified to lead Progress Software as we position our company for future growth. Having been on the Progress Board since September 2011, I am also delighted to be taking on the role of Chairman,” Egan said in a statement.
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 and interim CEO in October 2012.
Pead has over twenty-five years experience in the software industry, to include leading executive roles in several publicly and privately held companies, including Eclipsys Corp., Per-Se Technologies, Dun & Bradstreet Corp. (DNB) and Attachmate Corp.
Pead was formerly the president and CEO of Eclipsys, a leading provider of enterprise clinical and financial software for hospitals. Eclipsys was the merged with Allscripts in August of 2010.
“Having served on the board of Progress for almost a year and a half, and as Executive Chairman and interim CEO for the past two months, I have been actively involved in assisting in the transformation of the company. I am excited and honored that the Board of Directors has asked me to lead the business,” Pead noted.
PRGS closed Friday’s regular trading session at $20.53, up $0.10 on a volume of 0.30 million shares.
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by RTT Staff Writer
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