James Heppelmann Assumes Role of Chief Executive Officer at PTC
NEEDHAM, MA. - October 1, 2010 - PTC (Nasdaq: PMTC), The Product Development Company®, announced that James E. Heppelmann, the company's President and Chief Operating Officer has assumed the role of President and Chief Executive Officer, as previously announced on May 10, 2010. Heppelmann succeeds C. Richard Harrison who will serve as the company's Executive Chairman and continue in a strategic advisory capacity. A resources site with additional multi-media content can be found here.
"This is an incredibly exciting time to be taking over the leadership of PTC," said Heppelmann. "Our market has exciting growth prospects, our competitive position is strong, our market share is increasing, and our customers see us as a strategic partner who delivers strong business value. We are well positioned to achieve our stated goals and extend our technology leadership in both the PLM and CAD arenas. Our PLM business driven by our Windchill solutions continues to gain momentum as evidenced by expected license growth of approximately 70% for Windchill in FY '10 and recent strategic wins including EADS, Continental and Target. In addition, "Project Lightning," our vision for the next generation of CAD, will be unveiled on October 28 and is expected to redefine the mechanical CAD market."
Heppelmann continued, " I would like to sincerely congratulate Dick Harrison for the incredible leadership he demonstrated throughout his 23 years of service to the company and am looking forward to working with him in his ongoing role as Executive Chairman."
"It's been a privilege to lead PTC for the past ten years," said Harrison. "We have planned this succession carefully and I fully support Jim and his vision for the next phase of the company's growth. I look forward to continuing to serve as Executive Chairman to help leverage and extend the company's strategic business opportunities."
For more information go to http://www.ptc.com/company/jim-heppelmann-ceo-announcement.
PTC (Nasdaq: PMTC) provides discrete manufacturers with software and services to meet the globalization, time-to-market and operational efficiency objectives of product development. Using the company's PLM and CAD and related solutions, organizations in the Industrial, High-Tech, Aerospace/Defense, Automotive, Retail/Consumer and Life Sciences industries are able to support key business objectives such as reducing costs and shortening lead times while creating innovative products that meet customer needs and comply with industry regulations.
Statements in this press release that are not historic facts, including statements about our fiscal 2010 and other future financial and growth expectations, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that customers may not purchase our solutions when or at the rates we expect and the possibility that strategic customer wins, our technology position and the introduction of Project Lightning may not generate the revenue we expect. PTC, The Product Development Company, Windchill and all other PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries.