Progress Software Chief Richard Reidy Stepping Down; Successor To Be Named
When Progress Software CEO Richard Reidy told me in December about a “major transition” and a “whole new strategy” for the company, he wasn’t kidding. The transition, it turns out, involves himself.
Bedford, MA-based Progress (NASDAQ: PRGS) announced today that Reidy will leave the company once a successor is named; a search is under way. He has been CEO since March 2009 and will continue in that role (and as a board member) until his departure date. He originally joined Progress back in 1981.
Reidy (pronounced “reedy”) presided over the company’s shift from selling many different kinds of business software to focusing on helping businesses be more responsive to market events in real time and manage their transactions efficiently. Progress stock rose fairly steadily from September 2010 until February of this year; the recent trend has been downward, but with some ups.
The company “has undergone a profound and successful transformation over the past few years,” Reidy said in a statement. “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.”
We’ll update this story if we get more details about Reidy’s plans and the reasons for the move.