Bhatt will continue in his role until 7 December of this year and the board of directors has hired an executive search firm to identify a new President and CEO.

Progress Software is currently implementing a strategic plan, initiated by Bhatt, to increase growth, profitability and shareholder value. This plan involves cost reduction initiatives, as well as investing in its core business, which includes its OpenEdge, DataDirect Connect and Apama Analytics and Decisions products. It also plans to divest 10 of its non-core product lines.

Bhatt had announced previously that these plans were due to be completed by the end of 2013.

"I am pleased with the strides we have made in executing our strategic plan," said Bhatt.

"Progress today is solidly positioned for its next phase of growth and development and I am fully committed to driving the execution of the Company's strategy through the end of the fiscal year."