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Blackbaud CEO stepping down

CHARLESTON, S.C. (AP) -- Software company Blackbaud said Wednesday that Marc Chardon will step down as the company's President and CEO after seven years on the job.

The company said the decision was made jointly by Chardon and the board as part of its business and succession planning. Chardon will step down from his roles at the end of 2013, or earlier if a successor is named.

Chardon intends to pursue business interests advising and investing in technology startups and devote more time to the philanthropic community after he leaves Blackbaud.

The company said it will hire an executive search firm to find a successor and Chardon will work with the board on the search.

Chardon said the time is right to select a new leader for the next phase of the company's development and growth. The company has nearly tripled its revenues under Chardon's time as CEO.

The company also said that it expects its fourth-quarter adjusted revenue will come in or beat its previous forecast range of $119 million to $121 million.

Blackbaud, based in Charleston, S.C., provides software for the nonprofit and education sectors.

Shares increased 12 cents to $24.48 by midmorning Wednesday, in line with broader market trends.