OE:
This sentence begins with “In their latest press release…”, so the next clause must contain a plural noun to serve as a proper referent for the pronoun their. Company(‘s) and management are singular nouns, so the plural noun managers must be used instead. In addition, the sentence must properly express the idea that the managers planned to expand the operations of the company.
(A) Company(‘s) and management are singular nouns, so the plural pronoun their has no referent. Additionally, “a plan for expansion of its operations” is unnecessarily wordy and awkward compared to the phrasing of the correct answer.
(B) Company(‘s) and management are singular nouns, so the plural pronouns their and they have no referent.
(C) CORRECT: The two instances of their properly refer to managers; the managers' intention is expressed correctly and concisely.
(D) The modifier expanding…, set off by a comma, mistakenly suggests that the managers themselves expanded into the global software market.
(E) Company(‘s) and management are singular nouns, so the plural pronouns their and they have no referent.