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Top Civil servant to join Sage as chief executive(City A.M. (UK) Via Acquire Media NewsEdge) TOP SOFTWARE company Sage Group yesterday announced that Stephen Kelly would succeed Guy Berruyer as group chief executive from 5 Novem-ber. Berruyer, who has led the FTSE firm for four years and worked at the firm for 17, announced his departure in May, saying at the time: "Life is about making choices, and at 63 years old I still have many things I want to ach-ieve besides my executive career." Kelly is currently operations chief and head of efficiency for the UK government where he works to cut red tape and improve the government's contacts with IT suppliers. 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 oneoff performance share plan award of £987,500 with a six-year vesting period against demanding share return per-formance conditions. "Kelly fully appreciates the importance of having 'cloud' (and in truth, customer intimacy) as a central plank of a modern IT company," said Pan-mure Gordon analyst George O'Con-nor. "Given Kelly's track record and indeed foundation stone announcements such as the X3 Online launch [Sage's latest software], with the recent fall in the shares, and the attractive valuation - we move our recommendation to buy." Top Civil servant to join Sage as chief executive BY OLIVER SMITH formance conditions. "Kelly fully appreciates the importance of having 'cloud' (and in truth, customer intimacy) as a central plank of a modern IT company," said Pan-mure Gordon analyst George O'Con-nor. TOP SOFTWARE company Sage Group yesterday announced that Stephen Kelly would succeed Guy Berruyer as group chief executive from 5 Novem-ber. Berruyer, who has led the FTSE firm for four years and worked at the firm for 17, announced his departure in May, saying at the time: "Life is about making choices, and at 63 years old I still have many things I want to ach-ieve besides my executive career." "Given Kelly's track record and indeed foundation stone announcements such as the X3 Online launch [Sage's latest software], with the recent fall in the shares, and the attractive valuation - we move our recommendation to buy." The Sage Group PLC p 370.70 6 Aug " Kelly is currently operations chief and head of efficiency for the UK government where he works to cut red tape and improve the government's contacts with IT suppliers. 376 374 372 370 368 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 oneoff performance share plan award of £987,500 with a six-year vesting period against demanding share return per-366 364 5 Aug 6 Aug 31 Jul 1 Aug 4 Aug PROFILE: STEPHEN KELLY Kelly has worked as operations chief and head of efficiency for the UK government to cut down on red tape and improve the government's contacts with IT suppliers since 2012. He first joined the government in 2011 to support supplier renegotiations and was later appointed as a crown representative responsible for establishing mutuals. Kelly said yesterday he would step down from his role in government in order to return to the private sector after four years. "After immense consideration, I have decided to return to the private sector… I have always been passionate about supporting small and medium enterprises, and this role is an excellent opportunity for me to play a crucial role in creating jobs and growth," said Kelly. "I have been exceedingly fortunate to work for a minister who demonstrates outstanding leadership, inspiration and clarity, and I have encountered exceptionally bright, talented and committed colleagues. I am extremely pleased with the achievements of the effi-ciency and reform group and cabinet office teams in driving sustainable efficiency and reform and the resulting savings accrued." Prior to his time in government, Kelly held roles as chief executive of troubled UK software firm Micro Focus (2006-2010), which he helped turn around, and then US enterprise software group Chordiant (2001-2005). Kelly graduated from the University of Bath in 1984 with a degree in business administration. (c) 2014 City A.M. |