No Surprise--PTC Up For Sale
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.
Wonder what will happen to Pro-E? It is the backbone of many product design firms.
Posted by: Sim Pern Chong | December 13, 2008 at 07:15 PM
old technology... dont forget they created the market, everyone else followed. if they are old then no one is young. how old is solidworks or catia, please.
no doubt dick deserve it - dont you think, not!
Posted by: chris | November 17, 2008 at 04:31 PM
PTC is being sold?
Wow...
They are an old technology and I suppose time is up, as they say.
As a long time user and manager of CAD I am not surprised by this announcement. In my opinion, there are more via candidates in the market. PTC seems to be forever in the "catch-up" mode in an effort to compete.
All the best,
David W. Wilson
dww
Posted by: David W. Wilson | September 16, 2008 at 01:54 PM