Appointment of Group Chief Executive Officer

RNS Number : 1150G

Sage Group PLC

02 November 2018

 

Appointment of Group Chief Executive Officer

The Sage Group plc (the Group) announces today that the Board has appointed Steve Hare to the role of Chief Executive Officer with immediate effect.

Steve joined the Board on 3 January 2014 as Chief Financial Officer. He was appointed to the additional post of Interim Chief Operating Officer on 31 August 2018, when Stephen Kelly stood down as Chief Executive Officer.

Donald Brydon, Chairman, said: "I am delighted Steve has agreed to lead Sage on the next stage of its journey to become a great SaaS business. 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.  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."

Steve Hare said: "It is an honour to be asked to lead Sage as CEO. I continue to believe that by putting our customers, our people and innovation at the heart of everything we do, we will succeed in our journey to becoming a great SaaS business." 

The Board has initiated a process to find a new Chief Financial Officer.  Steve will combine his duties as Chief Financial Officer with those as Chief Executive Officer, supported by senior finance colleagues below Board level, until an appointment is made.  

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014. The person responsible for making this announcement on behalf of the Group is Vicki Bradin (Company Secretary).

There are no matters which require additional disclosure under LR 9.6.13R.

Enquiries:

The Sage Group plc: [phone]

Lauren Wholley, Investor Relations

Amy Lawson, Corporate PR

FTI Consulting: [phone]

Charles Palmer

Notes to Editors:

·    Steve joined Sage in January 2014, having previously been Operating Partner and Co-Head of the Portfolio Support Group at the private equity firm Apax Partners, which he joined in 2009.

·    Prior to this he built over 10 years' experience leading the finance function for three listed UK companies culminating as CFO for FTSE 100 company Invensys plc, the global technology-related business, from 2006 to 2009.

·    Between 2004 and 2006 Steve was Group Finance Director for Spectris plc, the FTSE 250 precision instrumentation and controls company and from 1997 to 2003 he was with Marconi PLC, acting as CFO from 2001.

·    As CEO, Steve will continue to lead the Executive Committee, to which he has recently appointed Rob Reid, MD and EVP of Sage Intacct. Keith Robinson has also been appointed as Chief Strategy Officer and advisor to the Executive Committee. Both Reid and Robinson report directly to Steve and bring significant native cloud experience and will have valuable insights around Sage's mission to become a great SaaS business.

Remuneration

On appointment, Steve Hare will receive a basic annual salary of £770,000 and a pension contribution of 15% of salary.

He will also receive bonus and long term incentives on the normal cycle, and all other benefits, in accordance with the current directors' remuneration policy.

The quantum of his variable pay awards may be adjusted, as appropriate, following approval of the directors' remuneration policy at the Company's annual general meeting in 2019. Further information in relation to the proposed FY19 directors' remuneration policy will be set out in the Company's FY18 Annual Report and Accounts which are due to be published in December 2018.

 

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