Manhattan Associates MANH shares traded lower on Monday. The software company announced that its president and CEO Eddie Capel will retire.

What To Know: The CEO of NTT Data North America, Eric Clark, will take over as CEO of Manhattan Associates. Capel, whose retirement is effective Feb. 12, will continue to serve Manhattan Associates in the role of executive vice chairman of the board, assisting with CEO transition and special projects. 

Capel joined Manhattan in June 2000, holding various operations and technology roles before being appointed COO in January 2011 and president and CEO in January 2013.

“Our company is in an exceptionally strong position strategically, competitively, operationally and financially. I want to thank our management team and our entire workforce, which is second to none, for their hard work and dedication to our mission of advancing global commerce through advanced technology,” said Capel.

“I look forward to working closely with Eric and continuing to contribute to our product vision, interacting with our customers and partners, and ensuring the growth and success of Manhattan Associates. And I have confidence that under Eric’s leadership, the team will continue to capitalize on our many market opportunities and extend our global leadership position.”

Before joining NTT Data North America, Clark held numerous senior leadership positions with ServiceNow, Dell, Hewlett Packard Enterprise, Arthur Andersen Business Consulting, Ernst & Young and Bank of America.

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MANH Price Action: Manhattan Associates stock closed Monday’s regular session 11.55% lower at $177.70, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.