Progress Software Keeps Interim CEO
Philip M. Pead, who had been serving as the interim CEO for software development tools provider Progress Software Corp., has kept CEO title and taken on the role of president, say company officials.
Philip Pead,
interim CEO,
Progress Software Corp.
However, Pead will relinquish the interim executive chairman title, which goes to Jack Egan, who has been elected non-executive chairman of the board of directors, officials say. Egan is managing partner of Egan-Managed Capital Egan and has been a Progress Software board member since September 2011.
Pead became the interim CEO last month when the company announced that Jay Bhatt would be stepping down; Bhatt had been hired by education technology vendor Blackboard Inc., to become its new president, CEO and director. He will be replacing Blackboard co-founder Michael Chasen next year.
“Having served on the board of Progress for almost a year and a half, and as Executive Chairman and interim CEO for the past two months, I have been actively involved in assisting in the transformation of the company,” Pead says in a prepared statement.
The board unanimously voted to keep Pead, who is “uniquely qualified” to guide the vendor for future growth, says Egan in a prepared statement.
Pead, a member of the board since July 2011, served as the chairman of Allscripts and the president and CEO of Eclipsys Corp., a provider of enterprise clinical and financial software for hospitals; Eclipsys merged with Allscripts in August of 2010. He has also worked at Per-Se Technologies, Dun & Bradstreet Corp. and Attachmate Corp.
Progress Software’s portfolio of offerings includes the Apama environment for developing complex event processing (CEP) applications, and solutions for application development, business process management, rules management, cloud computing and data connectivity, among other key development tools used by financial services firms.
OpenGamma Hires from Calypso and SmartStream
Mas Nakachi,
global COO & CEO, North America,
OpenGamma
OpenGamma, a pioneer of open source analytics and risk management systems, has hired Mas Nakachi from Calypso Technology to be the global chief operating officer (COO) and CEO for North America, officials say.
At Calypso, Nakachi held the position of director of business development for the rates, fixed-income and credit business. He was responsible for the marketing, client support, new product development and strategic client acquisition. He also served as director of strategy and corporate development at Calypso, focusing his efforts on developing the credit derivatives business. He has since become an expert on credit derivatives, structured finance and over-the-counter (OTC) derivatives market structure.
For OpenGamma, Nakachi will be based in New York where he will oversee North American operations and work with the London-based executive team to manage all operational areas of the business.
Hugh Stewart,
global head of sales,
OpenGamma
In addition to Nakachi, OpenGamma has hired Hugh Stewart a former sales director at SmartStream Technologies as global head of sales, officials say. Stewart, who has more than 30 years of global financial services and technology experience, has held senior business development and leadership roles at Bankers Trust, C*ATS Software, Algorithmics and QuIC Financial.
Industry Veteran Joins the Board of Verify Smart Corp.
A 30-year industry veteran Sandy Manata has joined the board of directors of Verify Smart Corp., a provider of financial fraud prevention and digital content distribution for mobile channels, say Verify officials.
Manata has held senior positions in the banking, brokerage, and clearing businesses, including posts with US Trust Company of New York as vice president of securities operations and was responsible for all securities processing systems.
After US Trust, Manata worked at the Bank of New York as vice president of new product development, which included the creation of a centralized securities system that saved the bank $25 million in operational costs, officials say. His career includes a post as senior vice president with the National Securities Clearing Corp. (NSCC), where he led planning and development for all NSCC’s products.
While at NSCC, Manata developed systems for processing mutual funds between banks and brokers, the transferring of customer accounts between financial institutions (ACATs), revised fixed income and equities systems and developed several securities surveillance systems, officials say. He later joined Bear Stearns & Co. as managing director where he successfully brought the firm through its global Y2K and securities decimalization processes.
He has also been a managing partner in Market Resolve Company where he managed the software division.
He also worked management consulting aiding ADP, the Davidsohn Group, the Chicago Mercantile Exchange and CheckFree. He has also served on committees for the American Bankers Association, the former Securities Industries Association (SIA) and the Investment Company Institute and three years as chairman of the New York Clearing House DTC Committee.
Verify anti-fraud technology customers include consumer clients, credit card companies, financial institutions and merchants.
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