Jay Bhatt joins after Rick Reidy’s two-year transformation plan
Jay Bhatt, Progress Software’s incoming CEO.
BPM and infrastructure integration and management software vendor Progress Software announced that Jay Bhatt will replace Rick Reidy as CEO on December 5th.
Previously, Bhatt was responsible for Autodesk’s global architecture, engineering, and construction division.
Reidy announced he would step down on August 1st. While Reidy is credited with successfully repositioning the firm and bringing together formerly disparate technologies into the Responsive Process Management (RPM) vision, the firm’s latest quarter, announced on September 23, saw a levelling off in sales and small drop in profits.
Listen to Rick Reidy outline the firm’s RPM vision in a 2010 CBR video podcast.
Revenue for the quarter was $128.3m, compared to $128.7m in the fiscal third quarter of 2010. Software license revenue decreased 13% to $38.7m versus the same quarter last year. Operating income decreased 18% to $13.5m year on year.
In its prior quarter revenue had been up 6% and operating income up 20%. And in the quarter before that, its first quarter 2011, revenue was up 5% while Reidy turned an operating loss of $4.4m into an operating profit of $23m.
Rick Reidy has been at Progress Software in various roles for 27 years, and president and CEO since March 2009.
At the time of the announcement of the imminent leadership change back in August, Reidy said: "Progress Software has undergone a profound and successful transformation over the past few years. We have repositioned and refocused the company in exciting new high growth areas and are executing well. New leadership will help accelerate our strategy going forward. Progress has a rich 30 year history of providing compelling products, solutions and service, all of which continue to drive success for our customers and partners."
Michael Mark, Chairman of the Progress Board of Directors, said: "We deeply appreciate Rick’s excellent leadership through what have been transformative years and we’re thankful for the strong contributions Rick has made to Progress Software since its early days. We are also grateful he has chosen to lead the company in the coming months as we search for a permanent CEO."
Related: From BPM to RPM, Progress Software style.