Jeff Westphal, the 53-year-old CEO of Vertex Inc., a tax software company in Berwyn, Pa., will step down from his post and will be succeeded by non-family member David DeStefano, now the executive vice president, the
Philadelphia Inquirer
reported.
Vertex was founded by Westphal's father in 1978.
Jeff Westphal, the 53-year-old CEO of Vertex Inc., a tax software company in Berwyn, Pa., will step down from his post and will be succeeded by non-family member David DeStefano, now the executive vice president, the
Philadelphia Inquirer
reported.
Vertex was founded by Westphal's father in 1978.
The transition will occur in phases, the
Inquirer
article said. On January 1, DeStefano will become president and Westphal will become chairman. In January 2017, DeStefano will assume the CEO title, the article said.
Westphal told the
Inquirer
he is stepping down because “The company is moving from a creative phase to an achievement phase. I'm not the best guy to make the most of that. We are going to need someone better to lead for scale.”
No third-generation family member works at Vertex, the
Inquirer
report noted. Westphal's sister Stevie Westphal-Lucas is the current chairman; another sister, Amanda Westphal-Radcliffe, also serves on the board, which includes non-family members, The three siblings own the business, the article said.
The company has 900 employees and generates annual revenues of more than $185 million, the
Inquirer
article said. Its 10,000 clients include Apple and Starbucks. (Source:
Philadelphia Inquirer
, Oct. 16, 2015.)
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