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Drake Software announces interim CEO; Stiles leaves company after three decades

FRANKLIN, N.C., Nov. 22, 2021 /PRNewswire-PRWeb/ — Drake Software® (“Drake”) is moving forward with plans to increase investment across all areas of the business, including product development, sales & marketing, and customer support. This is the first of many planned investments that will be overseen by interim Chief Executive Officer Euan Menzies.

“I am enthusiastic about the strong foundation, the passionate and dedicated team, and the many opportunities to grow and strengthen the company,” said Menzies. “By investing in our people and in product development, we will ensure Drake continues to delight customers while also providing future innovation. We currently expect to add at least 100 full-time positions over the next six months.”

While the locally owned company took on an outside investor in February, Phil Drake said then that operations will continue to be business as usual for the company’s employees.

“We are partnering with Cinven in order to accelerate our growth, while still remaining anchored in Western North Carolina,” said Drake. “This partnership is going to be good for our company, for our employees, and for our customers.”

Previously the Chairman of the Board, Menzies takes over the CEO role most recently held by Jamie Stiles, who, after many years of dedicated service, is stepping down as Drake’s CEO. To ensure a smooth transition, Stiles will remain as a member of the board.

“As we look to the future of the business, I’d like to share some important news with you,” Menzies said in an email sent to Drake employees earlier this month. “Your current CEO, Jamie Stiles, will be leaving Drake. To help ensure a smooth transition, Jamie has agreed to remain as a non-executive member of the Drake Board.

As many of you know, Jamie has been with the organization for more than 30 years and during
that time he has held a number of key roles within the company, most recently as President
and subsequently also as Chief Executive Officer. I would like to thank Jamie for his many
contributions to the Drake organization, and to wish him the best of luck in his future
endeavors.”

“Euan’s knowledge, vision, and steady hand make him the best person to lead our company through this transition,” said Drake Software Chief Revenue Officer John Sapp, who has been with the company for more than 25 years. “The executive team is excited to help him drive initiatives that will lead Drake to another 40 years of success.”

Menzies has more than 20 years of executive experience with other successful business-to-business software and information companies. Most notably, Menzies served for more than 10 years as the CEO of Vertafore, a leading provider of software solutions to insurance agents and brokers. Earlier in his career, he was also the CEO of Thomson Tax/Accounting Group.

 

About Drake Software

For more than 40 years, Drake has provided tax professionals with fast, reliable software to run successful tax practices and serve their clients’ tax filing needs. Today, over 60,000 tax offices use Drake Software. Using innovation, customer feedback, and a team of dedicated developers, subject matter experts and support staff, Drake continues to achieve its goals of customer satisfaction, product refinement, and customer growth. For more information, visit DrakeSoftware.com or call 800.890.9500.

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