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CHARLESTON, S.C.–(BUSINESS WIRE)–Blackbaud, Inc. (NASDAQ: BLKB), the leading provider of software and related services designed specifically for nonprofit organizations, announced today changes to the Company’s executive leadership team and preliminary results for its second quarter 2007.
Christopher R. Todd, Senior Vice President of Sales, and Richard S. “Brad” Braddock, Jr., Senior Vice President of Marketing, have announced their intention to resign, on or around August 1, 2007, to pursue other opportunities. On an interim basis, the two sales vice presidents who previously reported to Mr. Todd will now report directly to Marc E. Chardon, Chief Executive Officer of Blackbaud. Mr. Braddock’s day-to-day responsibilities will be assumed by Dennis D. Maxwell, Vice President of Marketing. Mr. Maxwell has been with Blackbaud for just over a year and previously spent over 30 years in various senior-level marketing and public relations positions with several organizations, including 18 years with GE.
Mr. Chardon stated, “Chris Todd and Brad Braddock have made significant contributions to Blackbaud’s success and we wish them the best of luck in their new careers. Most importantly, Chris and Brad have both put in place strong leadership and management teams in their respective organizations. In sales, the strength of our current senior management team is evidenced by the solid growth and better-than-expected revenue that we have delivered in the first half of 2007. Likewise, Dennis Maxwell has a proven track record of leading marketing organizations, and I fully expect that we will remain on track to achieve the goals we established for our marketing organization in 2007.”
Mr. Chardon continued, “We are still in the early stages of the quarterly close process, but we are pleased with the Company’s execution in the quarter and look forward to discussing the details with investors in a few weeks. With market demand remaining solid and the continuing progress we are making against our multiple growth initiatives, we are optimistic about our longer-term outlook and ability to capitalize on this significant market opportunity.”
So... does this change in Executive staff mean anything for us in the short term? It is definitely a further shift away from the "old guard".
__________________ Peter Gulka
Chief Bus Driver
Blackbaud User Society www.blackbus.org
I don't know how it will affect us, but the part that caught my eye was the following:
"In sales, the strength of our current senior management team is evidenced by the solid growth and better-than-expected revenuethat we have delivered in the first half of 2007."
Considering that revenue comes from the non-profit sector, i.e. us, it makes me choke a bit.
Just feeling a bit pinched...........
__________________ Anne Marie
I was born with nothing, and I still have most of it.
As hard as it is to deal with - we are non-profit - they are for-profit. If they did not make a profit they would have to face their shareholders.
We have the option of chosing another vendor if their business practices do not meet our expectations. I would not do that simply because their revenues are too high.
I'm actually excited because the higher the revenues the more they are in place to invest in the product and bring to the market the next generation of software - right now all employees working on those products are paid for with profit from the current versions. No profit - no future.
The other thing to note is that this is specifically for SALES. The most likely reason that the sales are showing a higher than expected profit is that more organizations are converting to RE than expected.
Drew
__________________ J. Drew Allen
Children's Hospital of Philadelphia
Crystal Reports and SQL Server Consultant
It is better to live your destiny imperfectly than to live an imitation of somebody else's life with perfection.
They are suggesting Oracle have their eyes on Blackbaud. I hope this rumor is not true or the Infinity platform might turn out to be more finite that I'd have hoped.
They are suggesting Oracle have their eyes on Blackbaud. I hope this rumor is not true or the Infinity platform might turn out to be more finite that I'd have hoped.
I certainly hope that Oracle do not decide to go for Blackbaud. I don't have a good feeling about that. Friend of mine worked for Peoplesoft when they were bought by Oracle. Didn't turn out too well for him...
Blackbaud has been so inflexible concerning our organization's cost of reinstatement, I have some difficulty reading their slogan "Making the World a Better Place" with a straight face. And, when I read about a pair of individuals simultanously leaving to "pursue other opportunities" it rings of the politician's mantra "to spend more time with my family"...
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