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The Sage Group parts company with chief executive, Stephen Kelly

Kelly will remain available to the group until he leaves on May 31, 2019
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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