PTC Reports CEO Succession Plan
Due to his upcoming retirement, effective immediately, James Heppelmann is appointed chairman of the board, with a new appointment for CEO-elect.
July 27, 2023
PTC announces that Neil Barua, president of PTC’s service lifecycle management business, will succeed James Heppelmann as chief executive officer of PTC at the time of the company’s annual shareholder meeting in February 2024. At that time, Heppelmann will step down as CEO and retire, concluding 26 years of service at PTC, including 13 years as CEO. Effective immediately, Heppelmann is appointed chairman of the board, and Barua is appointed CEO-elect and to PTC’s board of directors.
The CEO transition is the culmination of the board’s succession planning process to ensure leadership continuity and to position PTC for continued growth, the company reports. Heppelmann and Barua will work together through February 2024 to ensure an orderly transition of responsibilities, according to PTC.
“Neil is the ideal person to lead PTC in its next chapter,” says Bob Schechter, who has served as chairman of PTC’s board of directors for the last 8 years. “He’s a seasoned technology executive with a proven track record of growing software businesses and supporting industrial companies with their digital transformation journeys. He combines this with a strong financial acumen, a customer-first mindset, and a leadership style that empowers employees.
“Throughout his tenure as CEO, Jim has demonstrated unwavering commitment to PTC, and his positive impact on the company cannot be overstated. His visionary leadership has helped transform PTC into the category leader in the product lifecycle management (PLM) market and has driven record financial performance for shareholders,” Schechter adds.
“I’m immensely proud of all that PTC has accomplished during my 26 years with the company, including these last 13 as CEO,” Heppelmann says. “PTC has become a premier digital transformation partner to our customers, with the most differentiated software portfolio in our industry. Having worked closely with Neil since the ServiceMax acquisition, I can attest first-hand to his focus on our customers’ and employees’ success, his understanding of PTC’s market opportunities for the entire software portfolio, and his principles of financial and operational discipline.”
“It’s an honor to be named the next CEO of PTC, and I greatly appreciate the confidence the board has placed in me,” Barua says. “PTC is a terrific company with great customers, talented employees and the strongest product portfolio in our industry. I look forward to working with Jim and our executive team during this transition and deepening my relationships with our customers, employees, partners, and shareholders.”
For more information about PTC’s CEO succession plan, visit the CEO Succession page on PTC.com.
Sources: Press materials received from the company and additional information gleaned from the company’s website.