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The Associated Press June 6, 2011, 7:07PM ET

Karmanos stepping down as Compuware Corp.'s CEO

Peter Karmanos Jr. will step down as chief executive of Compuware Corp., the Detroit-based software development business he co-founded nearly four decades ago, the company said Monday.

Karmanos will serve as executive chairman and hand over the top job to current Chief Operating Officer and President Bob Paul. The moves had been expected and are effective June 20.

Taking Paul's place will be Joseph Angileri. He joins Compuware from the accounting company Deloitte's Michigan region.

"I look forward to collaborating with Bob, Joe and the rest of the Compuware executive management team and board of directors to create an unmatched period of growth for the company," Karmanos said in the statement.

Karmanos had said earlier this year that he's aiming to retire by 2013, when he turns 70 and the company turns 40. He said he believes Compuware could triple its market value to $6 billion by then.

He moved Compuware's headquarters in 2002 from suburban Farmington Hills to a new building in downtown Detroit.

Karmanos also owns the National Hockey League's Carolina Hurricanes and two minor-league hockey teams.

He and his wife, Danialle, have three sons. He also has three sons and eight grandchildren with his first wife, Barbara, for whom he established the Barbara Ann Karmanos Cancer Institute in Detroit in 1995.

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