Monday, March 30, 2009

Reidy replacing Alsop in top roles at Progress Software

By Mass High Tech staff

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Business application management company Progress Software Corp. has named Richard D. Reidy as the new president and chief executive officer of the Bedford-based company.

Following the decision by the company’s board, Reidy replaces Joseph W. Alsop, who co-founded Progress (Nasdaq: PRGS) in 1981. Reidy has also been nominated for a seat on the board, to be voted on at this year’s annual meeting. Reidy, who joined Progress in 1985, has held various technical and management positions and served for several years as vice president of product development. He was named chief operating officer in 2008.

For his part, Alsop, a Mass High Tech All-Star for 2004, has resigned as president and CEO and will not put himself up for re-election to the board after his current term is over, according to officials.

The board also appointed director Barry N. Bycoff as executive chairman. Michael L. Mark, former chairman of the board at Progress, has been appointed to a new position, lead independent director.

Earlier this month, Progress named Robert Stowsky as director, financial services sector. Before joining Progress, Stowsky co-founded consulting firm Brook Path Partners, which focuses on trade life cycle operations improvement and process automation.

Progress Software made news in September after it had completed a $162 million buyout of Ireland-based IONA (Nasdaq: IONA), a supplier of software integration technology. The company employs more than 1,600 people in over 90 countries.