31st Aug 2018 07:55
LONDON (Alliance News) - Accounting software firm Sage Group PLC said on Friday that Chief Executive Officer Stephen Kelly has stepped down from his role with immediate effect.
He is to "remain available to the group" until May 31, 2019. Kelly has been chief executive of Sage for nearly four years since 2014.
The FTSE 100 group has started the process to find a new chief executive.
Chief Financial Officer Steve Hare has been given the additional post of chief operating officer on an interim basis, giving him full authority to run the business until a new chief executive is appointed.
In addition, Sage said it has continued to trade in line with its full-year guidance of 7.0% organic revenue growth and a 27.5% organic operating margin. The group said achieving this guidance is dependent on the closing of several Enterprise Management opportunities in September.
"Stephen has much to be proud of in the very heavy lifting he has led as the group is transformed. He energised the group, drove change with relentless focus on customers, and under his leadership the strategy to become a leading SaaS business has been defined. The board remains fully supportive of the overall strategy. We wish Stephen well in the next phase of his life," said Chairman Donald Brydon.
Sage will publish its results for the year to the end of September on November 21.
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