Progress Software says CEO to resign, may see revenue slippage

Mon Oct 8, 2012 8:24am EDT

Oct 8 (Reuters) - Database management software maker Progress Software Corp said Chief Executive Jay Bhatt will step down and that it could not reaffirm its fourth-quarter sales forecast.

Progress Software said it may see some slippage in revenue growth in the fiscal fourth quarter in light of the CEO transition.

It had said growth in fourth quarter revenue would be between 1 percent and minus 2 percent.

Bhatt will continue in his role until Dec. 7, the company said in a statement.