C. Richard Harrison Announces Retirement Effective June 30, 2012
NEEDHAM, Mass.--(BUSINESS WIRE)-- PTC (Nasdaq: PMTC) announced today that as part of PTC's ongoing succession plan and governance model, Donald K. Grierson, PTC's Lead Independent Director, will assume the role of Chairman effective June 30, 2012, following the retirement of PTC's Executive Chairman, C. Richard Harrison.
Grierson commented, "I am delighted to accept the role of Chairman of PTC and look forward to continuing to work with senior management to develop PTC's full potential." Grierson has served on PTC's board for 25 years and currently serves as the Chairman of both the Compensation and Corporate Governance Committees and as a member of the Audit and the Corporate Development Committees. Grierson brings a wealth of experience to his expanded role; he was Chief Executive Officer of ABB Vetco International, was SVP Group Executive at GE, has been involved in several high-tech venture capital companies and has served on the boards of directors of Cadence Design Systems, Oracle Systems, and Waferscale Integration.
Jim Heppelmann, President and Chief Executive Officer, commented, "Throughout his 25 years with PTC, Dick Harrison has been a great leader, successfully growing the company to over $1 billion in revenue, which included the repositioning of PTC from a desktop company to a leading enterprise solutions provider. We thank Dick for his dedication and service, and wish him all the best in the years to come."
Harrison has served as PTC's Executive Chairman since 2010. He served as PTC's CEO from 2000 to 2010. Before his appointment as CEO, Harrison spent six years as PTC's president and chief operating officer, responsible for all global sales, marketing, support and services. Harrison joined PTC in 1987 as vice president of sales distribution. Harrison commented, "I am proud of PTC's success serving customers across the globe for over two decades with industry leading technology and have had the pleasure working with thousands of dedicated, talented employees over that time."
About PTC
PTC (Nasdaq: PMTC) enables manufacturers to achieve maximum value from their product strategies with software and services designed to optimize key business processes throughout the entire product lifecycle — from conception and design to sourcing and service. PTC's integral solution portfolio enables customers to unleash product innovation, improve collaboration and ensure product data integrity within engineering and across the enterprise, supply chain and service partner networks. Founded in 1985, PTC employs approximately 6,000 professionals serving more than 27,000 customers worldwide. More information can be found at www.ptc.com.
Investor Contact:PTC Investor RelationsTim Fox, 781-370-5961tifox@ptc.comorMedia Contact:PTC Public RelationsEric Snow, 781-370-6210esnow@ptc.com
Source: PTC
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