Progress Software Chief Financial Officer Announces Plans to Retire
Progress Software Corporation (NASDAQ: PRGS), a global software company that simplifies and enables the development and deployment of business applications, today announced that Melissa H. Cruz, the company's Senior Vice President, Finance and Administration and Chief Financial Officer, has informed the company that she has decided to retire in 2013 for personal reasons. Ms. Cruz will continue in her current role until her successor is named and will remain available to the company as long as necessary in order to ensure a smooth transition.
The Company is initiating a search process.
Additionally, Progress Software announced that it has completed the divestiture of its Sonic, Savvion, Actional and DataXtend product lines to Aurea Software, Inc., a newly formed operating subsidiary of ESW Capital, the investment arm of Trilogy Enterprises. As part of the same closing, Progress Software divested its ObjectStore product line to a separate operating subsidiary of ESW Capital. With the completion of these divestitures, the only remaining product line to be divested is Orbix (consisting of Orbix, Artix and Orbacus).
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