Portfolio Companies

Michael L. Chasen will step down as president, CEO and director of Blackboard Inc. at the end of the year. Chasen will be replaced by Jay Bhatt, currently president and CEO of Progress Software. Blackboard was acquired by Providence Equity Partners for $1.7 billion in 2011.

Defense equipment maker Chemring Group has reported chief executive David Price is to resign immediately, in a sudden development at the company which is in acquisition talks with U.S. buyout firm The Carlyle Group, Reuters reported. Chemring has replaced Price with Mark Papworth, a former executive at oil industry services company John Wood Group. Papworth will take on the role on Nov. 5.

North American packaging company Prolamina Corp. has appointed Gregory Tucker as chief executive officer. Prolamina is a portfolio company of New York based private equity firm Wellspring Capital Management. Tucker was formerly CEO of Thermal Solutions Inc., a maker of boilers and water heaters.

Renaissance Learning, which is backed by Permira, said that John Lynch was named CEO effective Nov. 5. Lynch succeeds Glenn James, who by mutual agreement with company’s board has left to pursue other opportunities. Steve Schmidt, Renaissance’s president and COO, will serve as interim CEO until Lynch joins.

SourceMedical, which recently closed an investment from ABRY Partners, announced that its CEO Larry McTavish will resign and assume a consulting role with the company. Ralph Riccardi takes over the top spot at the company. ABRY Partners announced its investment in the company in September.

Luxury phone maker Vertu has picked long-time Nokia executive Anssi Vanjoki as its non-executive chairman following an ownership change, Reuters reported. In October, buyout firm EQT bought a 90 percent stake in the small phone maker from Nokia, which founded the firm in 1998. Vertu makes some of the world’s most expensive mobile phones, often featuring crystal displays and sapphire keys. Nokia, which is in the midst of selling its non-core assets, retained a 10 percent stake in the firm.

XLA, a provider of services to government organizations, has appointed three new senior executives to its management team. Douglas K. Kollme joins as chief financial officer and Joseph B. Dawson as executive vice president of business development. Deborah M. Cegielski was appointed vice president of human capital, responsible for hiring, training and overall employee relations. XLA is a portfolio company of The Halifax Group.