Charleston, S.C.-based Blackbaud (NASDAQ:BLKB) is getting a new CEO, but not a new CFO.
On Monday, Blackbaud announced that with Chief Executive Officer Marc Chardon finally making the move that he announced back in January and resigning his post, it is time to name a (temporary) successor. That successor will be Blackbaud Chief Financial Officer Anthony Boor. Effective August 31, 2013, Boor will take over the role of interim CEO in addition to remaining CFO.
Explaining the promotion, Chairman Andrew Leitch noted that Boor "has a deep understanding of our business, product portfolio and strategic priorities. He has helped set the overall strategy for the company, and under his leadership we have delivered solid financial results, enhanced operational efficiencies and positioned the company for improved long-term revenue growth. We are confident that Tony is the ideal candidate to continue Blackbaud's Positive momentum during this transition period."
As for Chardon, Blackbaud noted in an SEC filing that the outgoing CEO will receive severance benefits of 24 months' base salary plus a pro rata share of his cash bonus and 18 months' continuation of (health) benefits. Additionally, the vesting period for his equity awards such as stock options will be moved up by one year.
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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