2nd Nov 2018 08:19
LONDON (Alliance News) - Enterprise software maker Sage Group said Friday it has promoted Chief Financial Officer Steve Hare to be its new chief executive officer.
Hare - CFO since 2014 - will replace former CEO Stephen Kelly who stood down at the end of August. On the resignation of Kelly, Hare was also handed the additional role of interim chief operating officer.
"I am delighted Steve has agreed to lead Sage on the next stage of its journey to become a great SaaS [software-as-a-service] business," Sage Chairman Donald Brydon said. "He has impressed the board with the momentum, focus and clarity he has brought to the organisation over the last few months as COO but also throughout his tenure as CFO.
Brydon emphasised that the decision to make an internal appointment followed a search outside of the walls of the FTSE 100 firm for a new boss.
"As we looked externally for the experience, vision and deep knowledge required to accelerate operational execution it very quickly became clear through Steve's early decisions and his clear prioritisation that he is the right person to lead Sage," Brydon added.
Sage added it had begun the process to search for a new finance boss. In the meantime, Hare will combine his CFO role with that of CEO " supported by senior finance colleagues below board level."
Shares in Sage were 3.1% higher at 566.80 pence on Friday.
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