Software

PTC announces CEO succession plan

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July 28, 2023

Industrial technology solutions firm PTC has announced its CEO transition plan, with Neil Barua to take over as CEO at the company's annual general meeting in February 2024, according to a press release.

PTC specializes in software and technology solutions for categories including CAD, product life cycle management (PLC), application life cycle management (ALC), industrial internet of things (IIoT), industrial augmented reality (IAR) and service lifecycle management (SLM).

Current CEO James Heppelman will step down and retire at that time, after 26 years with the company and 13 years as CEO.

Barua previously served as CEO of ServiceMax, a cloud-based product-centric field service management software firm acquired by PTC in January 2023.

"I am honored to be named PTC's next CEO and I very much appreciate the trust that the board of management has placed in me," Barua said in the release. "PTC is a great company with great customers, talented people and the strongest product portfolio in our industry. The company has performed extraordinarily well, and we will build on that success as we begin our next chapter. I look forward to working with Jim and our leadership team during this transition period and continuing to deepen relationships with our customers, employees, partners and shareholders."