A method and apparatus is disclosed for compilation of an original Cobol program with support for improved performance by increased parallelism during execution using multiple threads of processing. The approach includes a two stage compilation process, the first compilation/translation step by a first specialized compiler/translator that takes as input a Cobol source program that includes parallelization directives, and produces as output an intermediate computer program in a second computer programming language, the intermediate program including parallelization directives in the second computer programming language. The intermediate program is then compiled utilizing a selected second compiler that provides support for parallelism described in the second programming language. The approach optionally allows for use of pragmas serving as parallelization directives to the compiler in the original Cobol program or in the intermediate program.