News that Progress Software CEO Jay Bhatt, who was bought into the company less than a year ago to effect a turnaround, is to leave in December has had a cascade effect on its performance. The company has withdrawn its revenue forecast for Q4 saying revenue may fall during the change period, and shares plummeted 14% on the announcements. His departure is unexpected given the depth of the transformation plan he devised and was in the process of executing, which included selling off many of the acquired assets that where considered non-core (see here). It will leave Progress - and whoever is chosen as the replacement CEO - in a difficult position with a partially executed plan. Bhatt, who is going to head up an unspecified privately held company, was committed to getting the business back on its feet so the sudden decision could mean the plan was taking longer than expected to produce the desired results or that maybe the board is considering putting the company up for sale.