Page 19 - BENTLEY SYSTEMS PR REPORT - MARCH 2024

3/28/24, 2:01 PM Marking its 40th Anniversary, Bentley Systems Announces CEO Transition Plan
As CEO since 1995, Greg Bentley, the eldest among the five Bentley brothers who co-founded Bentley Systems,
has been instrumental in shaping the company's trajectory. His brothers Keith, Ray, and Barry Bentley retired
recently but continue to serve as company Directors.

Reflecting on his tenure, Greg Bentley expressed his satisfaction in stepping down from CEO responsibilities at the
age of 69. He noted the completion of an extensive succession process, which leaves Bentley Systems well-
positioned to capitalize on future opportunities while maintaining its strong performance. Greg highlighted
Nicholas Cumins' contributions as COO since January 2022, where he has consistently elevated the company's
annual recurring revenue (ARR) growth and operating margins to historic highs over its 40-year history. He
emphasized the rejuvenation of the executive leadership team over the past three years, bringing in a younger
cohort with valuable public company experience and a collaborative ethos.

The Board unanimously appointed Nicholas as CEO, recognizing his alignment with Bentley Systems' core values
of dedication to colleagues' success and, consequently, the success of users and clients. Greg expressed enthusiasm
for Nicholas's vision and the innovation the next generation of leaders will bring to the company's mission.

In his new role as Executive Chair, Greg looks forward to supporting Nicholas and the leadership team behind the
scenes, particularly in areas where Nicholas may benefit from guidance. He will retain responsibility for overall
capital allocation, including potential platform acquisitions, and intends to maintain regular engagement with
investment stakeholders with whom he shares a strong rapport. Greg was optimistic about Bentley Systems' future,
envisioning continued success and growth over the next 40 years.

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