Software company Sage Group has announced that Stephen Kelly will succeed Guy Berruyer as group chief executive officer with effect from 5 November 2014.
The new role will land Kelley with a basic annual salary of £790,000 and he will be part of the company's annual bonus and performance share plan. Furthermore, Kelly will receive a one-off performance share plan (PSP) award of £987,500 with a six-year vesting period against demanding share return performance conditions.
Donald Brydon, chairman, said: "Stephen brings exceptional leadership skills combined with a passion for customers and a track record of driving profitable growth. His experience in Europe and the USA in leading successful listed software companies and effective global teams will serve Sage well."
In July, the accountancy software expert, said it traded in-line with expectations for the nine months to 30 June and that it was confident of meeting management’s full-year targets.
The group said its cash generation remained strong, and net debt fell to £67m at 30 June versus £106m net debt at the end of March this year. Underlying profit before tax in the half-year ended 31 March rose four per cent to £183.5m from £176m on sales up three per cent to £742.7m.