Blackboard announced  Monday that Michael Chasen will be stepping down as its CEO at the end of the year. He will be succeeded by Jay Bhatt, who is president and CEO of Progress Software. Chasen was the co-founder of Blackboard in 1997, and saw huge growth in the company's size and influence in higher education. The company dominates the learning management system market, and has also seen its share of controversies while gaining that position and acquiring many other companies in related fields. Chasen posted this open letter  about the change.