Archie Black, the longtime chief executive of Minneapolis-based software firm SPS Commerce, is retiring from the top office and transitioning into to a newly created role of executive chairman.
The moves are part of a planned transition process and the company has already begun its CEO search. Current board Chair Phil Soran will become lead independent director.
Black, 60, has led the company — which provides cloud-based supply chain solutions for retailers and suppliers — since 2001. Soran credits him with growing the company from an idea into a "global powerhouse".
"As Archie transitions from CEO to executive chair, the work we do — and the industry leading services we provide — will not change," said Mark O'Leary, chief marketing officer. "Our customers around the world will continue to experience our award-winning services."
During Black's tenure, the company's employee count grew from 75 to 2,215. SPS has had 88 consecutive quarters of increased sales, as annual revenue grew from less than $20 million to $450 million in 2022. SPS also has been consistently profitable since 2009.
The company's investors also have benefited during his tenure. Black led the company through its April 2010 initial public offering when the shares were priced at $12 a share. Since then, much like its annual revenue, shares have had a total return of more than 2000%, closing Thursday at $150.29 a share.
"Black has done a great job of leading SPS Commerce and will be missed by investors. He is leaving SPS Commerce in a strong position, and we expect the role to draw a high level of interest," Matthew Pfau, an analyst with William Blair, wrote in a note to investors.
As executive chairman, Black will aid the CEO transition, offering advice on strategy and business development.
