Progress Software President and CEO, Richard D. Reidy, to Step Down

Progress Software Corporation PRGS announced today that President and Chief Executive Officer, Richard D. Reidy, will leave the company when a successor is named. An external search will be initiated immediately. At the request of the company's board of directors, Mr. Reidy will continue as President and CEO of the company until a successor is named. Mr. Reidy has held numerous leadership positions at the enterprise software company during his 27-year tenure. He was appointed President and CEO in March 2009 and provided the vision and leadership for Progress Software's repositioning and its current business strategy. During this time, Mr. Reidy restructured the company, unifying its product and solution portfolio into the company's current “One Progress” structure, creating a more focused go-to-market discipline. 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.”