Progress Software Names Philip M. Pead President and Chief Executive Officer

  Progress Software Names Philip M. Pead President and Chief Executive Officer

Business Wire

BEDFORD, Mass. -- December 10, 2012

Progress Software Corporation (NASDAQ: PRGS), a global software company that
simplifies and enables the development and deployment of business
applications, today announced that Executive Chairman and interim Chief
Executive Officer, Philip Pead, has been named President and Chief Executive
Officer, effective immediately.

As a result, Mr. Pead will step down as Executive Chairman and will be
replaced by Jack Egan, who has been elected Non-Executive Chairman of the
Board of Directors. Mr. Egan, a Progress board member since September 2011, is
managing partner of Egan-Managed Capital.

Mr. Pead, an industry veteran with more than 25 years of experience in the
software industry has served as a member of the Progress Board of Directors
since July 2011. He was elected non-executive Chairman in May 2012, appointed
Executive Chairman in October 2012 and named interim CEO in November 2012.

Mr. Pead was formerly the Chairman of Allscripts and the President and Chief
Executive Officer of Eclipsys Corporation, a leading provider of enterprise
clinical and financial software for hospitals. Eclipsys merged with Allscripts
in August of 2010. He previously held senior leadership roles in several
publicly and privately held companies, including Per-Se Technologies, Dun &
Bradstreet Corporation and Attachmate Corporation.

Quotes:

Phil Pead, President and CEO, Progress Software
“Having served on the board of Progress for almost a year and a half, and as
Executive Chairman and interim CEO for the past two months, I have been
actively involved in assisting in the transformation of the company. I am
excited and honored that the Board of Directors has asked me to lead the
business. I believe the future of this organization is bright and, while we
are in the early stages of executing on our strategy to become a leading
Application Platform as a Service provider, I am very pleased with our
progress to date.”

Jack Egan, Non-Executive Chairman, Progress Software
“It was the unanimous decision of the Board of Directors that Phil be named
President and Chief Executive Officer. With more than 25 years of experience
in the software industry leading successful public companies and creating
significant shareholder value, Phil is uniquely qualified to lead Progress
Software as we position our company for future growth. Having been on the
Progress Board since September 2011, I am also delighted to be taking on the
role of Chairman.”

About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) simplifies the development,
deployment and management of business applications on-premise or on any Cloud,
on any platform and on any device with minimal IT complexity and low total
cost of ownership. Progress Software can be reached at www.progress.com or
1-781-280-4000.

Follow Progress Software on Twitter: @ProgressSW

Contact:

Investor Contact:
Progress Software
Tom Barth, +1 781-280-4135
tom.barth@progress.com
or
Press Contact:
LEWIS PR
Claire Rowberry, +1 617-226-8841
progresssoftware@lewispr.com
 
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