PTC Extends Executive Agreement with CEO James Heppelmann

Rhea-AI Summary

PTC announced the extension of CEO James Heppelmann's executive agreement for an additional three years, maintaining leadership through fiscal 2026. Michael DiTullio has been promoted to President and COO, overseeing crucial business areas such as product development and customer success. Under Heppelmann’s leadership, PTC has transformed significantly, achieving a six-fold growth in enterprise value and enhancing its technology portfolio while focusing on a subscription model and SaaS transformation.

Positive

• Extension of CEO James Heppelmann's contract boosts leadership stability through fiscal 2026.
• Promotion of Michael DiTullio to President and COO strengthens executive team.
• Significant enterprise value increase by six-fold under current leadership.

Negative

• None.

Michael DiTullio Promoted to Company President and Chief Operating Officer

BOSTON, Feb. 20, 2023 /PRNewswire/ -- PTC (NASDAQ: PTC) today announced that it has extended the term of the executive agreement with Chief Executive Officer James ("Jim") Heppelmann for an additional three years through the company's fiscal year 2026. In parallel, Michael ("Mike") DiTullio, President of PTC's Digital Thread group, has been promoted to company President and Chief Operating Officer. In this expanded role, Mr. DiTullio will oversee product development, sales and marketing, customer success, strategy, and IT across both the Digital Thread and Velocity groups. Mr. DiTullio will continue to report to Mr. Heppelmann.

"Over the last 12 years under Jim's visionary leadership, PTC has evolved and transformed by establishing category leadership in the product lifecycle management (PLM) market, broadening and deepening its industry-leading technology portfolio, transitioning to a subscription business model, and pioneering the SaaS transformation of our industry," said Bob Schechter, Chairman of PTC's Board of Directors. "This incredible transformation significantly accelerated top-line growth while dramatically increasing profitability, resulting in a 6-fold expansion in enterprise value. We look forward to Jim's continued leadership of PTC as the company continues its SaaS transformation and pursues its vision for closed-loop PLM."

"I'm glad to have Mike at my side as we continue pursuing our initiatives focused on delivering customer value and further accelerating growth and expanding profitability," said Jim Heppelmann. "Mike has been one of PTC's top executives for many years and has been a close partner to me every step of the way as we have transformed the company into what it is today. Mike is respected across the company and industry due to his experience leading global sales and both the Velocity and Digital Thread groups. I congratulate Mike and look forward to working with him in this expanded role."

"For more than 25 years, I've had the privilege of contributing to PTC's success, and as proud as I am of where the company is today, I'm even more optimistic about what lies ahead," said Mike DiTullio. "From our ongoing SaaS transformation to the addition of ServiceMax to enable us to realize closed-loop PLM, PTC has never been in a better position to deliver compelling solutions and support our customers."

About PTC

PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don't just imagine a better world, we enable it. For more information, please visit www.ptc.com.

PTC and the PTC logo are trademarks or registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.

PTC Investor Contact
Matt Shimao
mshimao@ptc.com 

PTC Media Contact
Greg Payne
gpayne@ptc.com 

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SOURCE PTC Inc.

FAQ

What recent leadership changes occurred at PTC?

PTC promoted Michael DiTullio to President and COO and extended CEO James Heppelmann's contract.

What impact does James Heppelmann's extended contract have on PTC?

The extension ensures leadership stability and continuity in PTC's strategic initiatives until fiscal 2026.

What are Michael DiTullio's responsibilities as President and COO of PTC?

He will oversee product development, sales and marketing, customer success, strategy, and IT.

How has PTC performed under Heppelmann's leadership?

PTC has seen a six-fold increase in enterprise value and transitioned successfully to a subscription-based model.