Paul Walker, Chief Executive of Sage, has today announced that he is stepping down from his position.
After 16 years leading the company, Mr Walker has stated that he will depart from the software company in search of new challenges.
Paul Walker was appointed finance director in 1987, two years before Sage was floated. In 1994 he became chief executive, overseeing several acquisitions.
As yet no leaving date has been announced however Mr Walker has said he plans to depart from the company "in due course."
Sage stated: "Paul and the board will work to ensure a seamless transition."
The company Russell Reynolds Associates have been selected to search for a replacement although it is currently unknown whether the candidate shall be sourced from in or outside of Sage.
Finance director, Paul Harrison, and Paul Stobart, who heads up Sage's UK and Ireland operations, are being viewed as possible successors whilst external candidates are also going to be considered for the position.
Panmure Gordon stated: "while it was always disappointing to see a favoured CEO exit, the departure could not come at a better time. Mr Walker leaves Sage in great shape, having fared very well through the downturn."
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