---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-194613"
form_type: "8-K"
ticker: "PTC"
cik: "0000857005"
company_name: "PTC INC."
filed_at: "2023-07-26T23:59:59+00:00"
generated_at: "2026-06-13T02:35:23.675370+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# PTC appoints Neil Barua CEO-elect, effective Feb 2024; Heppelmann becomes Chairman

## Summary
- Neil Barua, formerly President of SLM Business Unit, named CEO-elect; will succeed James Heppelmann after Feb 14, 2024 annual meeting.
- Barua appointed to board effective July 27, 2023; Heppelmann named Chairman, Janice Chaffin appointed Lead Independent Director.
- Barua's salary increased to $800k, target bonus 150% of base; receives $5M RSU grant (3-year vest) and $11M FY24 equity award.
- Barua to receive $200k after-tax relocation payment to Boston; enters executive agreement with change-in-control and severance protections.

## SEC filing metadata
- accession: 0001193125-23-194613
- form_type: 8-K
- ticker: PTC
- cik: 0000857005
- company_name: PTC INC.
- filed_at: 2023-07-26T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/857005/000119312523194613/0001193125-23-194613-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/857005/000119312523194613/d398527d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-194613
- JSON: https://secwatch.observer/filing/0001193125-23-194613.json
- Plain text: https://secwatch.observer/filing/0001193125-23-194613.txt

## Key facts
- Executive change
  James Heppelmann departed as Chief Executive Officer at PTC INC..
  - Action: step down
  - Role: Chief Executive Officer
  source text: Mr. Barua will replace James Heppelmann who, as part of the Board of Directors’ CEO succession plan, will step down from his role as Chief Executive Officer on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/857005/000119312523194613/0001193125-23-194613-index.htm
- Executive change
  Neil Barua was appointed as Chief Executive Officer at PTC INC..
  - Action: appointed
  - Role: Chief Executive Officer
  source text: On July 26, 2023, PTC Inc. (“PTC” or the “Company”) announced that Neil Barua will be appointed Chief Executive Officer of PTC effective as of the close of PTC’s 2024 Annual Meeting of Stockholders, which is expected to be held on February 14, 2024 (the “Effective Date”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/857005/000119312523194613/0001193125-23-194613-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.