Autodesk CEO Carl Bass To Resign; Reiterates Non-GAAP Business Outlook

(RTTNews) - Autodesk, Inc. (ADSK) announced that Carl Bass has decided to step down as president and CEO, effective February 8. The company's board has instituted a CEO search. The executive search firm Egon Zehnder has been retained to assist in the CEO search. The Board has formed an Interim Office of the Chief Executive to oversee the company's day-to-day operations. The Interim Office of the Chief Executive will be headed by Amar Hanspal, senior vice president and chief product officer, and Andrew Anagnost, senior vice president and chief marketing officer as interim co-chief executive officers.

Autodesk reiterated its non-GAAP business outlook for fourth quarter and full year fiscal 2017 and expects revenue, earnings per share, and subscription additions to be at the high end of guidance disclosed on November 29, 2016.

Autodesk also announced a new agreement between the company and Sachem Head Capital Management LP. The agreement calls for two of Sachem Head's 2016 director nominees, Scott Ferguson and Jeff Clarke, to resign from the board. Sachem Head Capital has agreed to continue until June 2018 their earlier standstill and voting agreement provisions. The board will begin a search for a new independent director candidate.