Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of enterprise software maker Progress Software (Nasdaq: 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 (Nasdaq: 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.
Interested in more info on Progress Software? Add it to your watchlist by clicking here.