Neil Barua,
President of PTC's Service Lifecycle Management business, to be
appointed PTC's next Chief Executive Officer in February 2024
James
Heppelmann appointed Chairman of the Board
BOSTON, July 26,
2023 /PRNewswire/ -- PTC (NASDAQ: PTC)
today announced that Neil Barua,
President of PTC's Service Lifecycle Management business, will
succeed James Heppelmann as Chief
Executive Officer of PTC at the time of the Company's annual
shareholder meeting in February 2024.
At that time, Mr. Heppelmann will step down as CEO and retire,
concluding a distinguished 26 years of service at the Company,
including 13 years as CEO. Effective immediately, Mr. Heppelmann is
appointed Chairman of the Board, and Mr. Barua is appointed
CEO-elect and to PTC's Board of Directors.
The CEO transition is the culmination of the Board's
comprehensive succession planning process to ensure leadership
continuity and to position PTC for continued growth. Mr. Heppelmann
and Mr. Barua will work closely together through February 2024 to ensure an orderly transition of
responsibilities.
Bob Schechter, who has served as
Chairman of PTC's Board of Directors for the last eight years,
said, "Neil is the ideal person to lead PTC in its next chapter.
He's a seasoned technology executive with a proven track record of
growing software businesses and supporting industrial companies
with their digital transformation journeys. He combines this with a
strong financial acumen, a customer-first mindset, and a leadership
style that empowers employees. The Board and I have great
confidence that PTC has a bright future ahead with Neil serving as
CEO alongside the rest of the Company's experienced leadership
team."
Mr. Schechter continued, "Throughout his tenure as CEO, Jim has
demonstrated unwavering commitment to PTC, and his positive impact
on the Company cannot be overstated. His visionary leadership has
helped transform PTC into the category leader in the product
lifecycle management market and has driven record financial
performance for shareholders. The Board sincerely thanks Jim for
all his contributions to date, and we look forward to our continued
work together."
Mr. Heppelmann said, "I'm immensely proud of all that PTC has
accomplished during my 26 years with the Company, including these
last 13 as CEO. PTC has become a premier digital transformation
partner to our customers, with the most differentiated software
portfolio in our industry. I'm confident that PTC has never been in
a better position to deliver value to our customers and our
shareholders as we begin this next chapter. Having worked closely
with Neil since the ServiceMax acquisition, I can attest first-hand
to his focus on our customers' and employees' success, his
understanding of PTC's market opportunities for the entire software
portfolio, and his principles of financial and operational
discipline. I'm confident that Neil, along with our proven
executive leadership team, will keep PTC on a path of sustained
growth and success."
Mr. Barua said, "It's an honor to be named the next CEO of
PTC, and I greatly appreciate the confidence the Board has placed
in me. PTC is a terrific company with great customers, talented
employees, and the strongest product portfolio in our industry. The
Company has been performing exceptionally well, and we'll build on
this success as we enter our next chapter. I look forward to
working with Jim and our executive team during this transition and
deepening my relationships with our customers, employees, partners,
and shareholders."
For more information about PTC's CEO succession plan, please
visit the CEO Succession page on PTC.com.
About Mr. Barua
Mr. Barua has an extensive background in the technology industry
and a proven track record of growing businesses. Mr. Barua is the
former Chief Executive Officer of ServiceMax, a recognized leader
in cloud-native, product-centric field service management software,
which PTC acquired in January 2023.
Following the acquisition, Mr. Barua led PTC's Service Lifecycle
Management business until his appointment as CEO-elect. Previously,
Mr. Barua served as an operating partner at Silver Lake, a global
leader in technology investing. Earlier in his career, Mr. Barua
was CEO of IPC Systems, a global provider of specialized technology
solutions for the financial services community. Mr. Barua holds a
B.S. in Finance & Economics from the NYU Stern School of
Business.
Additional Board of Directors Changes
In connection with the announced leadership changes,
Janice Chaffin, Chair of the
Corporate Governance Committee of the Board, will serve as Lead
Independent Director. Bob Schechter,
previously Chairman of the Board, remains on the Board as an
Independent Director.
Fiscal 2023 Third Quarter Results
PTC today also announced its fiscal 2023 third quarter results.
Senior management will host a live webcast and conference call to
review the results today, Wednesday, July
26, 2023, at 5:00pm ET. The
earnings press release, accompanying earnings presentation, and
financial data tables are accessible on PTC's Investor Relations
website.
About PTC
PTC (NASDAQ: PTC) is a global software company that enables
industrial and manufacturing companies to digitally transform how
they engineer, manufacture, and service the physical products that
the world relies on. Headquartered in Boston, Massachusetts, PTC employs over 7,000
people and supports more than 25,000 customers globally. For more
information, please visit www.ptc.com.
Media
Greg Payne
gpayne@ptc.com
FGS Global
Jared Levy/Kelsey Markovich/Jamie
Baird
PTC@fgsglobal.com
Investors
Matt Shimao
mshimao@ptc.com
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SOURCE PTC Inc.