Software company PTC names new Chief Executive

CEO transition Software company PTC names new Chief Executive

02.08.2023 Source: PTC Reading Time: 1 min

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PTC

UK-based CAD specialist PTC will see Neil Barua, the current president of its Service Lifecycle Management business, succeed James Heppelmann as CEO in February 2024.

(l-r) Jim Heppelmann and Neil Barua
(Source: PTC)

One of the UK’s leading digital transformation specialists has announced its next global Chief Executive Officer in a major milestone for the company. James Heppelmann will step down as Chief Executive Officer and retire, concluding a successful 26 years of service that will now see him appointed to Chairman of the Board. His successor is Neil Barua.

The CEO transition is the culmination of a comprehensive succession planning process to ensure leadership continuity and to position PTC for continued growth both in the UK and overseas. It comes on the same day that the business reported a 25 percent increase in annual recurring revenues and free cash flow totaling 132 million pounds.

Bob Schechter, who has served as Chairman of PTC’s Board of Directors for the last eight years, said: “Neil is the ideal person to lead us in our next chapter. 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. The Board and I have great confidence that PTC has a bright future ahead with Neil serving as CEO alongside the rest of the company’s experienced leadership team.”

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