Progress Software Corp. announced that Jerry Rulli, Chief Operating Officer, will be leaving the company at the end of the fiscal first quarter of 2017.

In addition, Progress intends to reduce headcount by approximately 450 employees, totaling over 20% of the Company's workforce. Initial headcount reductions will begin in the fiscal first quarter of 2017 and should be substantially completed by the end of the fiscal second quarter of 2017, subject to local laws and consultation processes. After investments in new product strategy, Progress expects to reduce net annual run-rate costs by approximately $20 million by the end of fiscal year 2017.