Blackbaud Plans CEO Transition
Jan 23rd 2013 12:07PM
Updated Jan 23rd 2013 1:00PM
On Wednesday, Blackbaud , a maker of software for education and nonprofit organizations, announced its tentative plan for CEO succession.
President and Chief Executive Officer Marc Chardon will resign from both posts at the end of this year, at latest, to pursue other business interests (advising and investing in technology start-ups) as well as philanthropy. Over the next 12 months, the company will be seeking a successor and, if one is found, a transition could take place sooner rather than later. Chardon has been CEO for seven years.
Chardon's separation benefits will include 24 months of his base salary, 18 months' continuation of benefits and 12 months of accelerated vesting of equity awards, according to an SEC filing.
The company simultaneously preannounced its Q4 results today, reassuring investors that it's still on track to record somewhere between $119 million and $121 million in pro forma revenue, and also to earn $19 million or $20 million in pro forma earnings before interest and taxes (EBIT). Further details, and full financials, will be released in the company's Feb. 13 earnings report.
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