One year and one week after announcing it would acquire its biggest rival and barely a week after cutting 5 percent of its workforce, Blackbaud announced President and Chief Executive Officer Marc Chardon will step down by the end of 2013.
The announcement from the nonprofit software provider came this morning, barely a week after it cut 150 jobs, including 50 positions at its Charleston, S.C. headquarters. The company also announced that it expects to report fourth-quarter and year-end financial results on Feb. 12 that are in line with expectations of about $120 million for the fourth quarter.
Chardon joined Blackbaud in November 2005, shortly after it went public, after seven years with Microsoft. He plans to pursue “business interests advising and investing in technology and start-ups and devote more time to the philanthropic community,” according to the announcement from Blackbaud. “Now is the right time to select a new leader for the next phase of the company’s development and growth,” Chardon via the statement. He will work with the board and an executive search firm to help identify his successor.
Chairman of the Board Andrew Leitch thanked Chardon for his leadership and contributions, successfully leading Blackbaud through a “significant transformation as we sought to expand the markets we serve and range of solutions we offer. During his tenure over the last seven years, we have nearly tripled our revenues.”
The acquisition of Austin, Texas-based Convio was the most recent in a string of significant deals since 2006 that saw Blackbaud gobble up at least five companies for about $430 million. The Convio acquisition was announced in January 2012 and closed in May 2012.
Since Feb. 28, 2012, Chardon has sold some 219,031 shares of Blackbaud in four separate trades, valued at more than $6.79 million, according to filings with the Securities and Exchange Commission (SEC). He will be eligible for 24 months base salary, a pro rata share of his cash bonus and 18 months of continuation of benefits, and 12 months of accelerated vesting of equity awards, as part of his employment agreement, which was reached Jan. 28, 2010 and amended Dec. 13, 2011, according to a Form 8-K SEC filing today.
Blackbaud was founded in 1981 and went public in 2004. It has approximately 2,800 employees worldwide.