Progress Software CEO resigns as the company warns on revenue for this quarter:
Bhatt joined Progress last December after Richard Reidy, the company's CEO for two years, stepped down. Earlier this year, Chief Financial Officer Charles Wagner left the company.
"My suspicion is that there is something else going on within the company," Benchmark Co analyst Mark Schappel told Reuters.
"I don't believe he is being let go because may be the quarter isn't playing out as well as planned or they were not able to reaffirm their guidance."
The company said in April it would sell 10 non-core product lines and cut about 10 to 15 percent of its workforce. More layoffs are expected and analysts believe the CEO's departure could derail the company's restructuring plans.
And the article predicts another year of disruption as a new CEO is recruited and puts their own strategy into place.
Of course, no one could have possibly predicted that their previous strategy was terrible. Or pointed out that it was still highly challenged a few months later...
So I know how much it sucks to have your company implode, or your profession and expertise devalued.? So if there are any Savvion BPM experts looking for work, reach out to us, maybe there will be a fit to do BPM on some other platforms. We're not a bad place to work, or bad people to work with!