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

BEDFORD, Mass. - (BUSINESS WIRE) - 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.