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The Sage Group parts company with chief executive, Stephen Kelly

Published: 07:58 31 Aug 2018 BST

Resignation in chess
Kelly joined Sage four years ago

Accountancy software giant The Sage Group PLC (LON:SGE) is looking for a new chief executive officer (CEO) after Stephen Kelly stepped down from the role.

While the search for a successor is in progress, the chief financial officer, Steve Hare, will act as the chief operating officer on an interim basis; he will have full executive authority to run the business until the appointment of the new CEO.

READ: Sage Group cuts annual revenue guidance after first half misses expectations​​

Kelly’s departure came after a profit warning in April, with the group blaming “inconsistent operational execution” for the cut in full-year guidance.

Even the revised guidance was heavily caveated, with the group saying achieving it depended on closing a number of enterprise management opportunities before the end of the financial year, which runs to the end of September.

Sage continues to trade in line with previous full-year guidance of around 7% organic revenue growth and around 27.5% organic operating margin, the group said.

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