Blackboard co-founder and CEO Michael Chasen is stepping down at the end of the year said the company today. Progress Software president and CEO Jay Bhatt will fill in for Mr. Chasen. Chasen is one the co-founders of Blackboard when it was created in 1997. Chasen built the company from a small software company to an educational powerhouse.
?I was able to surround myself with seasoned professionals who have done it before,? said Mr. Chasen. ?I think they reflected well on me to allow me to stay in this role and grow the company.? Unfortunately Blackboard has really slowed down after entering new markets beyond higher education. Blackboard’s competition has been rising at a rapid pace as well.
Blackboard went private after Providence Equity Partners acquired the company for $1.64 billion last summer. Providence attempted to merge Blackboard with another of their portfolio companies called Edline.
?Now is the right time to be taking advantage of the momentum that we have .?.?. [and] for me to step back and have someone else come on board,? added Mr. Chasen.