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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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At the time this article was published Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Autodesk. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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