Sage CEO Stephen Kelly has stepped down from his role at the accountancy software vendor, Sage despite apparently turning the outfit around.
Sage’s numbers had been pretty dire this year, but showed signs of recovery during an update to the London Stock Exchange at the start of August.
On his resignation Kelly said: “I joined Sage four years ago and am immensely proud of the extraordinary change that I have had the privilege to lead. I joined a fragmented organisation with minimal presence in the cloud. The major cultural transformation has created Sage Business Cloud which has now grown to £386 million of annualised recurring revenue from a standing start and has driven total shareholder return for Sage of over twice that of the FTSE100 during my tenure.”
Chairman Donald Brydon said: “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.”
