Sage Group Says Paul Walker Advised Board to Step Down as Chief Executive

Sage Group Plc, the U.K.’s largest software maker, said Chief Executive Officer Paul Walker will step down “in due course” after 16 years in the role and 26 at the company.

Walker, 52, will work with the board to ensure a smooth transition, the Newcastle-upon-Tyne, England-based company said in a statement today. Recruitment firm Russell Reynolds Associates has been appointed to lead the search for the new CEO, the Sunday Times reported yesterday.

Sage, which sells accounting and business software to small and medium-sized businesses, rose 0.2 percent to 254.9 pence at 8:27 a.m. in London trading, giving the company a market value of 3.35 billion pounds ($5.1 billion).

The shares have gained 16 percent this year.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.

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