BEDFORD, Mass.--(BUSINESS WIRE)--The Board of Directors of Progress Software (NASDAQ: PRGS) today announced that it is initiating a search process to identify and add up to two new independent directors. The Board has retained an executive search firm to assist the Board in the process. This process will be overseen by the Board’s Nominating & Corporate Governance Committee.
In light of the Company’s continued focus on providing the most complete platform for building modern mission-critical business applications, the Board’s criteria for the new director candidates will emphasize diverse individuals with executive experience at public companies in the enterprise infrastructure software industry. The search is in keeping with the Board’s longstanding focus on ensuring that it has the right skills and perspectives to enable the Company to execute on its business strategy, strengthen its competitive positioning, and deliver value to all shareholders. To that end, Progress has significantly refreshed its Board over the last year by adding three new directors, with two new independent directors having joined in June 2017. Our current Board has seven members, comprised of six independent directors and our Chief Executive Officer.
The Board’s Nominating & Corporate Governance Committee will consider as director candidates qualified individuals suggested by shareholders, including those director candidates previously suggested by Praesidium Investment Management. To make a recommendation at this time, shareholders (including Praesidium) should contact the Company’s Corporate Secretary by submitting an email communication to BOD@progress.com with the information required for recommendations as outlined in the Company’s proxy statement previously filed with the Securities and Exchange Commission in connection with its 2017 Annual Meeting (https://www.sec.gov/Archives/edgar/data/876167/000087616717000024/a2017proxystatement1.htm). All recommendations will be forwarded to the Nominating & Corporate Governance Committee.
Progress Chairman John R. Egan stated: “Progress is committed to having a Board of Directors that has the right skills, diversity and experience and provides strong, independent oversight of the Company. As Progress continues to make solid advances in executing on its business strategy, we are taking steps to broaden the skillsets and perspectives on the Board of Directors to better enable the Company to achieve its strategic objectives. Progress has incredibly strong relationships with its independent software vendor partners and customers, who are critical to our business, and the addition of new Directors that have been successful in serving the needs of similar audiences is a priority.”
Mr. Egan added, “On behalf of the Board, we are pleased with our new leadership team’s execution and the financial performance of the Company. We continually consider ways to further enable the Company to deliver value to shareholders, and thus are looking forward to expanding our Board with talented new members.”
About Progress
Progress (NASDAQ:PRGS) offers the leading platform for developing and deploying mission-critical business applications. Progress empowers enterprises and ISVs to build and deliver cognitive-first applications that harness big data to derive business insights and competitive advantage. Progress offers leading technologies for easily building powerful user interfaces across any type of device, a reliable, scalable and secure backend platform to deploy modern applications, leading data connectivity to all sources, and award-winning predictive analytics that brings the power of machine learning to any organization. Over 1,700 independent software vendors, 100,000 enterprise customers, and two million developers rely on Progress to power their applications. Learn about Progress at www.progress.com or +1-800-477-6473.
