news article - corridor

Blackbaud CEO To Step Down

1/23/13
Lauren Ratcliffe, SC Biz

Marc Chardon, president and CEO of Blackbaud, will step down as head of the Daniel Island-based software company by the end of the year, according to a filing with the Securities and Exchange Commission.

Chardon served as the company’s CEO for seven years and most recently led the company through the acquisition of Convio worth $325 million.

Last week Blackbaud announced it was slashing 150 jobs companywide, including 50 in Charleston, as a part of restructuring efforts related to the acquisition and a difficult economy facing nonprofits.

Chardon could leave sooner, if a successor is appointed before the end of the year, according to the SEC filing. When he leaves, he will receive 24 months base salary, a pro-rata share of his cash bonus, 18 months of continued benefits and 12 months of accelerated vesting of stocks.

A news release from Blackbaud said the decision for Chardon to step down was made jointly between the CEO and the board of directors. The company also plans to hire an executive search firm to help select the next president and CEO.

Chardon plans to pursue business interests as an adviser and investor in technology startups, according to the release.

“It has been an honor to serve as Blackbaud’s president and CEO for the past seven years, and to work with the finest employees and management team in the industry,” Chardon said. “Now is the right time to select a new leader for the next phase of the company’s development and growth.”

Andrew Leitch, chairman of the board of directors, said the board will be thorough in its search for Chardon’s replacement and thanked Chardon for his leadership.

“He has successfully led the company through a significant transformation as we sought to expand the markets we serve and range of solutions we offer,” Leitch said. “During his tenure over the last seven years, we have nearly tripled our revenues. Marc has been a valuable member of the Blackbaud board and leadership team and we wish him all the best in his future endeavors.”

Employees for the company were told of Chardon’s exit this morning, and a spokeswoman for the company said she had not heard the news until the company filed documents with the Securities and Exchange Commission.

 

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