- After almost 24 years in the position
- Praise for Bentley
- Nicholas Cumins taking over
- Bentley will remain as Executive Chair at Bentley Systems
- Bentley made a lengthy statement and said 252 words
(exechange) — Exton, Pennsylvania, March 21, 2024 — Greg Bentley, chief executive of Bentley Systems, leaves his position. As announced by Bentley Systems Inc. in a news release and in a regulatory filing published on Thursday, March 21, 2024, Gregory S. (Greg) Bentley leaves his post as chief executive officer at the infrastructure engineering software company, after almost 24 years in the role, effective July 1, 2024.
It is the end of an era.
Greg Bentley’s duties as CEO will be taken over by Nicholas H. Cumins, currently Chief Operating Officer at Bentley Systems Inc.
It is a generational change. Nicholas Cumins is about 22 years younger than Greg Bentley.
Greg Bentley’s move coincides with a management shake-up also involving the position of Chief Accounting Officer.
No reason given
In the announcement, Bentley Systems did not explicitly explain the reason for the move.
Bentley will remain as Executive Chair at Bentley Systems
Bentley Systems stated: “[E]ffective July 1, 2024, Greg Bentley will transition from Bentley Systems’ CEO to Executive Chair of its Board of Directors.”
“Transition”
Bentley Systems said: “On March 15, 2024, Gregory S. Bentley informed the Board of Directors (the “Board”) of Bentley Systems, Incorporated (the “Company”, “we”, “us” and words of similar import) that, effective July 1, 2024, he will transition from the Company’s Chief Executive Officer to become Executive Chair of the Board.”
Share price increase since March 2023
The announcement follows an increase in Bentley Systems Inc.’s share price of 27% since March 2023.
In the position of CEO since 2000
Greg Bentley became CEO of the Company in 2000.
Gregory S. Bentley has served as President and Chairperson of the Company’s Board of Directors since June 1996 and Chief Executive Officer since August 2000.
Prior to joining the Company in 1991, Bentley founded and served as Chief Executive Officer of Devon Systems International, Inc., a provider of financial trading software, which was sold to SunGard Data Systems, Inc. in 1987.
Bentley served as a director of SunGard and a member of its audit committee from 1991 through 2005.
He holds a B.S. in Economics and an M.B.A. in Finance and Decision Sciences from the Wharton School, University of Pennsylvania.
He is a trustee of Drexel University.
252 words by Greg Bentley
In the release announcing his departure as CEO of Bentley Systems Inc., Greg Bentley received praise.
In announcing his departure, Greg Bentley made a lengthy statement and said 252 words.
“Supporting Nicholas behind the scenes”
Greg Bentley stated: “I am very pleased to be able to retire from CEO responsibilities this year (at age 69) with such confidence that this completion of our extended succession process now leaves Bentley Systems demonstrably able to increase its potential, while safeguarding its established performance. Under Nicholas Cumins as COO since January 2022 (and Chief Product Officer previously) both our ARR growth and operating margins have consistently improved to the highest levels in our just-now 40-year history. And vitally, over the three-plus years since BSY’s IPO and the expected retirement wave that enabled, we fully reinvigorated our executive leadership with a high-functioning cadre that, while 20 years younger, benefits from valuable public-company experience and is already reaching its collaborative stride. Most significantly, our Board determined Nicholas to be the ideal CEO for our future by virtue of the continuity he respects and personifies in our ‘family values’ of dedication to the success of our colleagues and thence the success of our users and accounts. Equally, I am personally excited by the resolve and zeal of Nicholas and this next generation of leaders for technical and commercial innovation within our sustained mission. I am looking forward to contributing as Executive Chair, foreseeably. Beyond supporting Nicholas behind the scenes in the functions naturally new to him, I will remain responsible for overall capital allocation, such as potential platform acquisitions. And by choice I will continue to regularly interact with our investment constituencies, with whom I have found particular affinity. Here’s to Bentley Systems’ next 40 years!”
The above text is an excerpt from the exechange report 13.2024 ($), publication date March 25, 2024.