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Praesidium cuts stake in Progress Software, seeks board seats: Reuters

Activist investor Praesidium Investment Management on Friday cut its stake in Progress Software Corp and urged the company’s chairman of the board, Jack Egan, to resign.

Praesidium, which trimmed its stake to 8.8 percent from 9.05 percent, also urged the company to add five members to its board and cease its current acquisition strategy under Chief Executive Yogesh Gupta.