Progress Software Shares Popped: What You Need to Know
Nov 28th 2011 2:43PM
Updated Nov 28th 2011 2:50PM
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of enterprise software maker Progress Software (NAS: PRGS) popped by 14% this morning before settling down a bit after the company named a new CEO.
So what: The company's current CEO, Richard Reidy, had previously announced on Aug. 1 that he would step down as soon as a successor was found, after spending 27 years with the company. Progress has tapped Jay Bhatt as its new leader, starting Dec. 5.
Now what: Bhatt was previously the head of Autodesk's (NAS: ADSK) architecture, engineering, and construction solutions division, where he was responsible for a slew of areas including product design and business development. His base salary will be a healthy $700,000 per year with an annual target bonus of 150% and will receive 900,000 stock options and 200,000 restricted stock units. Investors are voting their confidence in Bhatt's potential, as the company hopes to accelerate its strategy under his watch.
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