Marking its 40th Anniversary, Bentley Systems Announces CEO Transition Plan

COO Nicholas Cumins to be Promoted to CEO July 1, 2024, as Greg Bentley will Transition to Executive Chair of the Bentley Systems

Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, has announced a strategic leadership transition effective July 1, 2024. Greg Bentley, the current CEO, will transition to the role of Executive Chair of its Board of Directors. Nicholas Cumins, who currently serves as COO, will step into the position of CEO, with a proposal to join the Board of Directors.

The announcement was made during the inaugural event for Bentley Systems’ new UK headquarters in the City of London, marking the commencement of the company's 40th anniversary celebration.

Nicholas Cumins - CEO Designate

“This year marks the 40th anniversary of the founding of Bentley Systems, at its essence a company of engineers for engineers. Remarkably, the company has been founder- and family-led throughout those four decades. Greg has presided over an extraordinary legacy of long-term growth, sustained innovation, and value creation inspired by a commitment to advancing the world’s infrastructure for better quality of life. Greg has had a profound influence on the lives and careers of Bentley colleagues, and, together with them, on infrastructure engineers worldwide, taking pride in their work and what Bentley software enables them to accomplish. His entrepreneurial spirit is deeply embedded in the company’s culture and values. I am honored to have been selected to follow in his footsteps, and I represent the Bentley leadership team when I say we are confident in our readiness and growth mindset for the coming decades.” - Nicholas Cumins, CEO designate

Nicholas Cumins has been with Bentley Systems since January 2022, initially joining as Chief Product Officer before the company's IPO. His professional journey includes notable roles such as General Manager of SAP Marketing Cloud, Chief Product Officer of Scytl (an online voting platform), and Senior Vice President of Product at OpenX (a leader in programmatic advertising). Cumins brings a wealth of experience from various senior positions at SAP, covering product management, corporate strategy, and business development. As a dual French and U.S. citizen, he is based in France and holds degrees in Maîtrise de Droit (Law) and Maîtrise de Sciences de Gestion (Business) degrees from University Paris II Panthéon-Assas, Paris.

Nicholas Cumins expressed his gratitude and excitement about assuming the role of CEO, acknowledging Bentley Systems' remarkable 40-year journey and its profound impact on infrastructure engineering worldwide. He praised Greg Bentley's leadership and entrepreneurial spirit, which has fostered a culture of long-term growth, innovation, and value creation. Cumins affirmed his commitment to continuing this legacy, stating his confidence in the company's preparedness and growth mindset for the future decades.

Greg Bentley, Executive Chair designate

“I am looking forward to contributing as Executive Chair, foreseeably. Beyond supporting Nicholas behind the scenes in the functions naturally new to him, I will remain responsible for overall capital allocation, such as potential platform acquisitions. And by choice I will continue to regularly interact with our investment constituencies, with whom I have found particular affinity. Here’s to Bentley Systems’ next 40 years! - Greg Bentley, Executive Chair designate

As CEO since 1995, Greg Bentley, the eldest among the five Bentley brothers who co-founded Bentley Systems, has been instrumental in shaping the company's trajectory. His brothers Keith, Ray, and Barry Bentley retired recently but continue to serve as company Directors.

Reflecting on his tenure, Greg Bentley expressed his satisfaction in stepping down from CEO responsibilities at the age of 69. He noted the completion of an extensive succession process, which leaves Bentley Systems well-positioned to capitalize on future opportunities while maintaining its strong performance. Greg highlighted Nicholas Cumins' contributions as COO since January 2022, where he has consistently elevated the company's annual recurring revenue (ARR) growth and operating margins to historic highs over its 40-year history. He emphasized the rejuvenation of the executive leadership team over the past three years, bringing in a younger cohort with valuable public company experience and a collaborative ethos.

The Board unanimously appointed Nicholas as CEO, recognizing his alignment with Bentley Systems' core values of dedication to colleagues' success and, consequently, the success of users and clients. Greg expressed enthusiasm for Nicholas's vision and the innovation the next generation of leaders will bring to the company's mission.

In his new role as Executive Chair, Greg looks forward to supporting Nicholas and the leadership team behind the scenes, particularly in areas where Nicholas may benefit from guidance. He will retain responsibility for overall capital allocation, including potential platform acquisitions, and intends to maintain regular engagement with investment stakeholders with whom he shares a strong rapport. Greg was optimistic about Bentley Systems' future, envisioning continued success and growth over the next 40 years.