PTC putting itself up for sale was no great surprise after it was revealed a few months ago how several PTC executive would net a personal fortune if such a sale were to occur.
On June 27, the Boston Business Journal reported on the "change of control bonuses" of PTC executives. The leading beneficiary would be CEO C. Richard Harrison, who stands to get a whopping $15.5 million should PTC get acquired. After that, there is a huge drop to #2, with Jim Hepplemann getting only (!) $1.3 million. EVP's Barry Cohen and Paul Cunningham and CFO Cornelius Moses would get a shade over $1 million each.
I'm guessing that most CEOs given a choice between running an company and making a salary year after year and getting it all in one big lump sum by selling it, would choose the former.
It's easy to see how top executives benefit by adding "change of control bonuses." On top of that, they might even be able to negotiate to kep their jobs with the buyer. Also standing to benefit would be the stockholders -- at least in the short term -- if stock prices jump up (as they did already today) on news of the sale. But what of the users of PTC software? Can they help but feel abandoned?
And already, I can see the competitions sales teams licking their lips. Predators will exploit any weakness. This is a fat zebra with a broken leg.