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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The article Blackbaud Plans CEO Transition originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Blackbaud. 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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