Bentley Systems, the infrastructure engineering software company, has announced that effective July 1, 2024, Greg Bentley will transition from CEO of Bentley Systems to Executive Chair of its Board of Directors. Nicholas Cumins, the current COO, will then be promoted to CEO and proposed to join the Board of Directors.
This announcement was made during the opening event for Bentley Systems’ new UK headquarters in the City of London, marking the beginning of the company’s 40th-anniversary celebration.
Nicholas Cumins, CEO designate
Nicholas Cumins, the designated CEO, has been serving as Bentley Systems’ COO since January 2022. He joined Bentley Systems as Chief Product Officer in September 2020 before the company’s IPO.
Previously, he held roles such as General Manager of SAP Marketing Cloud, Chief Product Officer of Scytl, and Senior Vice President of Product at OpenX. He has a dual French and U.S. citizenship and is based in France, holding degrees in Law and Business from University Paris II Panthéon-Assas, Paris.
Reflecting on Bentley Systems’ 40-year history, Nicholas Cumins emphasized the company’s founder- and family-led ethos and Greg Bentley’s significant impact on long-term growth, innovation, and value creation in advancing global infrastructure for a better quality of life.
Cumins expressed his honor at being chosen to succeed Greg Bentley and conveyed confidence in the readiness and growth mindset of the Bentley leadership team for the future decades.
Greg Bentley, executive chair designate
Having held the position of CEO since 1995, Greg Bentley, aged 69, is the eldest sibling among the five brothers who established Bentley Systems. Keith, Ray, and Barry Bentley have retired but continue to serve as company directors.
With Cumins serving as COO since January 2022 and formerly as chief product officer, Bentley noted that the company has seen a steady enhancement in both its Annual Recurring Revenue (ARR) growth and operating margins, reaching the peak levels in its 40-year history.
“Over the three-plus years since [Bentley Systems] IPO and the expected retirement wave that enabled, we fully reinvigorated our executive leadership with a high-functioning cadre that — while 20 years younger — benefits from valuable public-company experience and is already reaching its collaborative stride,” the current CEO said.
“I am pleased to be able to retire from CEO responsibilities this year with such confidence that our extended succession process now leaves Bentley Systems able to increase its potential, while safeguarding its performance.”
He added that the board selected Cumins as the optimal CEO due to his embodiment of “family values” and commitment to the prosperity of colleagues, which ultimately leads to the success of users and clients. Nevertheless, the designated executive chair will retain responsibility for strategic capital allocation, including potential platform acquisitions.
“By choice I will continue to regularly interact with our investment constituencies, with whom I have found particular affinity,” Bentley said. “Here is to Bentley Systems’ next 40 years!”
Source :Bentley Systems
