Troubled Progress Software said Monday that it’s losing its CEO Jay Bhatt, who’s only been there 10 months after being hired from Autodesk.

Bhatt says he’s gotten a better offer to be the CEO of a privately held company in another segment of the software industry that’s “the fulfillment of a lifelong passion.” He’ll be leaving December 7, a year to the day he started, probably to collect more money.

As a result, Progress has named its non-executive chairman Phil Pead executive chairman and handed him an operational role; hired a headhunter; and swears it’ll stay focused on executing its strategic plan to increase growth, profitability and shareholder value although it dropped its share buyback and retracted its Q4 guidance fearing that Bhatt’s exit may cause “some slippage in revenue growth.”

The company was forecasting revenue growth of -2% to 1% in constant currency meaning the net decline would be larger. However Bhatt lowered guidance a few weeks ago.

The company has cut $40 million out of costs and is planning to divest 10 non-core product lines along firing 10%-15% of its workforce to quash a proxy fight.

The company last week cut a deal to sell its Shadow middleware used for integrating mainframe applications and data with other IT systems to Rocket Software.

Benchmark analyst Mark Schappel told Reuter, “My suspicion is that there is something else going on within the company.” Reuters said more layoffs are expected and analysts believe Bhatt’s departure could “derail the company’s restructuring plans.”

Reuters suggests that “Management has been talking to several buyers for its non-core products during the past several months, and maybe they stumbled upon someone that wanted to buy all of Progress rather than just a few of its parts.”

Progress figures it’s improving its core business, which it describes as simplifying the development, deployment and management of business applications on-premise or on any cloud, any platform and any device. It’s been focused on its PaaS platform and complex event processing since April.

Progress’s income in the August quarter dropped 36% to $5.8 million from $9.1 million year-over-year. Revenue dropped 14% to $107.2 million from $124.5 million.

Rivals include Oracle and Tibco.

The company’s stock closed down 13.78% to $18.52 Monday.