In a show of faith, PTC’s board of directors announced that they will renew Jim Heppelmann’s contract as CEO for three years.
“Over the last 12 years under Jim’s visionary leadership, PTC has evolved and transformed by establishing category leadership in the product lifecycle management (PLM) market, broadening and deepening its industry-leading technology portfolio, transitioning to a subscription business model, and pioneering the SaaS transformation of our industry,” said Bob Schechter, PTC’s chairman of the board. “This incredible transformation significantly accelerated top-line growth while dramatically increasing profitability, resulting in a six-fold expansion in enterprise value. We look forward to Jim’s continued leadership of PTC as the company continues its SaaS transformation and pursues its vision for closed-loop PLM.”
Heppelmann took on the role of CEO in 2010, which was a ripe time for innovation and incorporating new technologies. Within five years of taking the position, he was pushing for ways to incorporate the Internet of Things (IoT) into the fold to make its software easier than ever.
After rolling out four IoT software solutions in 2015, Heppelmann helped lead the company toward software-as-a-service (SaaS) solutions. Rival companies were quick to follow suit. PTC continues to place SaaS as a main initiative.
Along with being a driving force for developing and embracing technologies that provide users with easier workflows, Heppelmann’s input has resulted in a number of acquisitions over the past decade that have taken PTC to new heights, including Onshape in 2019, Arena Solutions in 2020 and ServiceMax in 2022.
Heppelmann serves on Sensata Technologies’ board of directors as a member, where he is in the midst of a two-year term as a Sensata board member, and is currently serving a two-year, cochair role on the Massachusetts Technology Leadership Council. He also continues to participate with his alma mater by serving on the dean’s advisory board at the University of Minnesota College of Science & Engineering and on the executive advisory board of For Inspiration and Recognition of Science and Technology (FIRST).
Heppelmann expressed his gratitude and gave congratulations to Mike DiTullio. The former president of PTC’s Digital Thread group will now serve as president and chief operating officer as well as provide oversight of PTC’s Velocity group.
“I’m glad to have Mike at my side as we continue pursuing our initiatives focused on delivering customer value and further accelerating growth and expanding profitability,” Heppelmann said. “Mike has been one of PTC’s top executives for many years and has been a close partner to me every step of the way as we have transformed the company into what it is today. Mike is respected across the company and industry due to his experience leading global sales and both the Velocity and Digital Thread groups. I congratulate Mike and look forward to working with him in this expanded role.”
DiTullio has been with the company for more than 20 years. He has held numerous roles throughout his career and was one of the key drivers behind PTC’s move to a subscription-based model. He also serves on the National Association of Manufacturers (NAM) board of directors.