The leading 3D design and engineering software firm Autodesk has announced the resignation of CEO and President Carl Bass. 

On Tuesday, Autodesk announced that CEO and President Carl Bass announced would be stepping down from his position. He will remain on the board of directors and will act a special advisor to the design software company during the transition.

Autodesk has yet to find a replacement for Bass, but will consider both in-house employees and outsiders for the position. In the meantime, chief product officer Amar Hanspal and chief marketing officer Andrew Anagnost will lead as interim co-CEOs. Both are senior vice presidents and longtime Autodesk employees who have earned nothing but high praise from Bass.

During his 24-year tenure, Autodesk transitioned from a 2D design company into a 3D design and engineering software pioneer. Bass headed the development of a wide range of software suites that have transformed the 3D industry. Examples range from the Fusion360 product development tool to AutoCAD, the world’s leading CAD program. On top of that, one of the final products to come out of the Bass-led Autodesk was the Ember, an open source desktop SLA 3D printer.

Autodesk is Heading In A New Direction

Bass’ decision to step down comes at a time when the identity of Autodesk is rapidly shifting. In October 2016, the hedge fund Soroban Capital Partners doubled their stake in the company from 4% to 8%. This expansion made the venture capital firm Autodesk’s largest shareholder, putting them in prime position to direct the future of the company.

A future, which according to last year’s early financial statements, needs to look brighter. Autodesk racked up $98 million in losses for Q2 2016 (source: Engineering.com) and the new subscription-based business model is yet to be proven successful.

In addition to the CEO shake-up, Autodesk also revealed a reorganization of their board of directors.  An agreement between Autodesk and the hedge fund Sachem Head Capital calls for two of their 2016 director nominees, Scott Ferguson and Jeff Clarke, to resign as well. The board will start their search for a new independent director candidate at the 2017 annual meeting or once a new CEO is appointed.

In addition to the CEO transition, Autodesk also reiterated their anticipation of revenue in upcoming Q4 and FY 2017 forecasts.

Carl Bass: Life After Autodesk

On the day of his resignation, Bass posted a heartfelt letter on Autodesk’s blog explaining the decision.

“I love Autodesk and am immensely proud of what we have created together, but it’s time for me to do something new. Autodesk is doing very well and the financial markets are noticing. Our leadership team is strong, and our strategy is in place to go further and accomplish more than we could have ever imagined when I took over day-to-day operations as COO 14 years ago. Our transition to an all-subscription business model is well underway, we’re enjoying early but strong success in the cloud and we have settled with our activist investors. Now seems like the right time, for both the company and for me,” Bass writes.

Bass and Autodesk have parted on amicable terms, and the longtime executive is still clearly invested in the company’s success. As for what’s next, the former CEO said he plans to spend time in his workshop working on robots. Bass claims to have other plans in the works and will reveal more information on them in the coming months.

All in all, the future of Autodesk remains bright but uncertain. There’s a valid concern that Soroban Capital will focus more on return on investment (ROI) rather than long-term innovation. Regardless, Bass has exuded confidence about leaving the Autodesk “fort” in the hands of Hanspal and Anagnost for now.

Whether one of the two is appointed as the new CEO remains to be seen. But, at least for now, we can expect Autodesk to continue trailblazing the way for 3D design and engineering software.