C. Richard Harrison to assume role of executive chairman; succession set for October 2010.
Needham, MA - PTC (Nasdaq: PMTC), The Product Development Company, has announced that James E. Heppelmann, the company's President and Chief Operating Officer, will succeed C. Richard Harrison as PTC's Chief Executive Officer, effective October 1, 2010.
Harrison will become the company's Executive Chairman. Heppelmann, as CEO and President, will report directly to the Board. A resources site with additional multi-media content can be found here.
Read More: In the latest PD&D Fireside Chat, Heppelmann discusses how working on a dairy farm influenced his work ethic today; why he launched Windchill Technology — and later sold it to PTC; why entrepreneurs die; Rolex watches; the future of PLM technology; the things that keep him up at night, and more.
"Jim is a great leader who has already created tremendous value for PTC, its customers, shareholders and employees as a strategic member of the executive team," says Harrison.
"With his background as an engineer, Jim is one of those rare individuals who can understand our customers' business requirements and couple that with a unique vision for the industry, a passion for technology and the leadership qualities to drive the company to deliver solutions that provide measurable business value. I couldn't imagine a better person to lead PTC and leverage the company's momentum."
Heppelmann, 45, joined PTC in 1998 as a Senior Vice President when PTC acquired Windchill Technology, a company he founded. He was promoted to Executive Vice President and Chief Technical Officer in June 2001, and two years later was named Executive Vice President of the Software and Marketing Group and Chief Product Officer.
In this role, he was responsible for strategic direction, product development, and marketing. He joined PTC's Board of Directors in May 2008 and was named President and COO in March 2009. Heppelmann has worked in the information technology industry since 1985 and is widely credited with driving many of the most significant technology advancements in product lifecycle management (PLM).
"I have tremendous respect and appreciation for Dick. He's built one of the truly great enterprise software companies," says Heppelmann.
"PTC has a talented team, superior technology and a winning strategy. We're well positioned to capture the huge opportunity in the market today and achieve our goal of 20 percent non-GAAP earnings growth. I am thrilled to have the opportunity to lead a company I believe in so strongly."
"This has been a well-defined and well-orchestrated succession plan," adds Donald K. Grierson, PTC's lead independent director.
"The board couldn't be more satisfied with its choice of Jim to take on the role of CEO. The board also wants to thank Dick for guiding the company to this point and for his commitment to play an ongoing role in support of the company's strategic plan. Dick's leadership has been key in building PTC into the leading company it is today."
As Executive Chairman, Harrison, 54, will focus on key customer and investor relationships that support the company's strategic initiatives, while continuing to perform his duties as Chairman of the company's Board of Directors.
For more information visit www.ptc.com