£1m golden handshake for new Sage CEO Stephen Kelly

Accountancy software giant Sage Group has announced that senior civil servant Stephen Kelly will succeed Guy Berruyer as the group’s chief executive this November.

The new role will net Kelly, who is currently the UK government’s Chief Operating Officer, a basic salary of £790,000 as well as annual bonuses and a one-off performance share plan (PSP) award of £987,500.

Commenting on the appointment, Kelly said: “This is a great time to be joining Sage.  Sage is an excellent business with a proven business model and a strong track record of creating value for shareholders.  Sage is perfectly placed to help SMEs fully capture the benefits of cloud, social, and mobile technologies.  I am honoured to have the opportunity to lead Sage and grateful to work with Guy in an orderly and smooth transition from November.”

Stephen brings exceptional leadership skills combined with a passion for customers and a track record of driving profitable growth,” added Chairman Donald Brydon. “His experience in Europe and the USA in leading successful listed software companies and effective global teams will serve Sage well.”