Progress Software CEO Phil Pead To Retire; Names Yogesh Gupta New CEO

(RTTNews) - Progress Software Corp (PRGS) announced that it has appointed Yogesh Gupta as its new chief executive officer. Phil Pead, Progress' current CEO, is retiring but will continue to serve on the Progress board of directors. Progress reaffirmed its guidance for the fiscal quarter and year ended November 30, 2016.

Prior to joining Progress, Gupta was president and chief executive officer of Kaseya, Inc., a leading IT management cloud software company, from 2013 until 2015.

Prior to Kaseya, Gupta was chief executive officer at FatWire Software, from 2007 until it was acquired by Oracle in 2011. During his time as CEO, FatWire became a leading independent web experience management software company. Prior to FatWire, Gupta was chief technology officer and chief strategist at Computer Associates, with whom he served from 1989 until 2007.

In connection with his appointment as CEO, the board also elected Gupta as a member of the board of directors. Gupta is not related to Ram Gupta, also a member of the Progress board of directors.

The company still expects earnings per share to be in the range of $0.25 - $0.28, non-GAAP earnings per share of $0.55 - $0.58, revenue of $122 million- $125 million, and non-GAAP revenue of $123 million- $126 million for the fourth-quarter.

The company still expects earnings per share to be in the range of $0.61 - $0.63, non-GAAP earnings per share of $1.57 - $1.60, revenue of $410 million - $413 million, and non-GAAP revenue of $412 million - $415 million for fiscal year 2016.