Progress Software stock plunges as CEO says he is leaving
The departure of Progress Software Corp.’s chief executive plus its decision to withdraw its fourth-quarter revenue forecast dragged down the Bedford company’s stock. Progress warned that sales may slip during the transition to a new CEO and said it won’t complete its share repurchase program by the end of its fiscal year. The stock closed Monday at $18.52, near its 52-week low of $17.01. The 52-week high is $24.76; the shares had reached $31.05 in February 2011.