Posted 21 February, 2023
PTC INC. appointed new CEO
CEO Change detected for ticker Nasdaq:PTC in a 8-K filed on 21 February, 2023.
Appointment of President and Chief Operating Officer; Extension of CEO Executive Agreement
Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of PTC INC.
Technology • Software
PTC, Inc. is a global software company, which engages in the provision of a portfolio of innovative digital solutions that work together to transform how physical products are engineered, manufactured, and serviced. Its products include Windchill, Creo, ThingWorx, Vuforia, Codebeamer, Arbortext, Arena, and Onshape. The company was founded in 1985 and is headquartered in Boston, MA.Market Cap
$22.2B
View Company Details
$22.2B
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;Compensatory Arrangements of Certain Officers. Approval of Amendment to 2000 Equity Incentive Plan On February 16, 2023, at the 2023 Annual Meeting of Stockholders, PTC stockholders approved an amendment to PTC's 2000 Equity Incentive Plan (2000 EIP) increasing by 6,000,000 the number of shares available for issuance under the 2000 EIP to 50,300,000. All other terms and conditions of the 2000 EIP remain the same. The 2000 EIP provides for grants of stock options, stock, restricted stock units and stock appreciation rights to employees (including our executive officers), directors and consultants capable of contributing to the success of PTC. This description of the 2000 EIP is qualified in its entirety by the full text of the 2000 EIP, which is filed as Exhibit 10.1 and incorporated into this description by reference. Approval of Amendment to 2016 Employee Stock Purchase Plan On February 16, 2023, at the 2023 Annual Meeting of Stockholders, PTC stockholders approved an amendment to PTC's 2016 Employee Stock Purchase Plan (2016 ESPP) increasing by 2,000,000 the number of shares available for issuance under the 2016 ESPP to 4,000,000. All other terms and conditions of the 2016 ESPP remain the same. The 2016 ESPP gives our employees (including our executive officers) the opportunity and incentive to invest in PTC by purchasing shares of our common stock at a discount from the applicable market price. This description of the 2016 ESPP is qualified in its entirety by the full text of the 2016 ESPP, which is filed as Exhibit 10.2 and incorporated into this description by reference. Appointment of President and Chief Operating Officer; Extension of CEO Executive Agreement On February 16, 2023, the Board of Directors separated the positions of Chief Executive Officer and President of PTC, with James Heppelmann, 58, continuing as Chief Executive Officer of PTC, and Michael DiTullio, 55, promoted to President and Chief Operating Officer of PTC. Mr. Heppelmann had held the position of Chief Executive Officer and President of PTC since October 2010. Mr. DiTullio had held the position of President, Digital Thread business of PTC since May 2022. Before that, he was President, Velocity business, from January 2021 to May 2022. Prior to that Mr. DiTullio served in various positions in our Sales organization, including as Executive Vice President, Global Sales from November 2015 to January 2021. In his new role, Mr. DiTullio will oversee product development, sales and marketing, customer success, strategy, and IT. Mr. DiTullio will continue to report to Mr. Heppelmann. In connection with these events, on February 16, 2023, PTC and Mr. Heppelmann entered into Amendment No. 1 to the Executive Agreement dated September 30, 2020 by and between PTC Inc. and Mr. Heppelmann to reflect his change in title and to extend the expiration date from September 30, 2023 to September 30, 2026. No other changes were made to Mr. Heppelmann's Executive Agreement or compensation arrangements in connection with such appointment.
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