Appointment of Chief Financial Officer

RNS Number : 6590S

Sage Group PLC

11 November 2013

 



11 November 2013

Appointment of Chief Financial Officer

The Sage Group plc ("Sage" or the "Group") announces the appointment of Steve Hare as Chief Financial Officer, with effect from 3 January 2014. 

Steve has significant financial and operating experience as a CFO and most recently as Operating Partner at Apax Partners, where he is Co-Head of the Portfolio Support Group.  Prior to joining Apax in 2009, he accumulated over 10 years' experience as CFO for three listed UK companies, most recently with Invensys as a FTSE 100 company from 2006 to 2009.    

Guy Berruyer, Chief Executive, said: "I am delighted to welcome Steve as our new Chief Financial Officer. Steve brings considerable finance and business expertise developed with global companies, augmented by operational experience gained with private equity.  This appointment further strengthens our executive team and he will play a key role in driving forward our strategy and realising our growth ambitions."

Steve Hare said: "Sage is an excellent business with a proven business model and a strong track record of creating value for shareholders.  This is a great time to be joining Sage as it builds on these successes and delivers on its strategy to accelerate growth.  I am delighted to have the opportunity to help drive this transformation."

Enquiries

The Sage Group plc [phone]

Murdo Montgomery, Investor Relations

Tulchan Communications [phone]

David Shriver

Jonathan Sibun

Notes to Editors

Steve joined Apax Partners in 2009 as an Operating Partner and is currently Co-Head of the Portfolio Support Group.  He assumed additional responsibilities as COO for an 18 month period to June 2012 and, in February 2013, was appointed Interim CEO of Netrada, an Apax owned e-commerce services provider.

Prior to his move into private equity, Steve built over 10 years' experience leading the finance function for three listed UK companies.  This culminated with his role as a FTSE 100 CFO for Invensys plc, the global technology-related business, from 2006 to 2009.  Previously, Steve was Group Finance Director for Spectris plc, the FTSE 250 precision instrumentation and controls company, from 2004 to 2006.  As finance director of Invensys and Spectris, Steve built a strong track record for driving organisational change, including greater focus on cash and margin improvement as well as upgrading processes to be consistent with a growing global business.  Between 1997 and 2003, Steve was with Marconi PLC, acting as CFO from 2001 to 2003.  During this period, he oversaw a business divestment programme which raised in excess of £2bn over a twelve month period and achieved the financial restructuring of the business.

Steve qualified as a Chartered Accountant in 1985 with Ernst & Whinney, now part of Ernst & Young, and has a Bachelor of Commerce degree from Liverpool University.

For the purposes of Listing Rule 9.6.13

1. From April 2001 until October 2002, Steve Hare was Group Chief Financial Officer of Marconi PLC, a company which subsequently entered into a scheme of arrangement with its creditors on 19 May 2003.

2. From August 2006 until June 2009, Steve Hare was Group Chief Financial Officer of Invensys plc, a company listed on the London Stock Exchange.

3. Steve Hare was appointed as Interim Chief Executive of Netrada Holding GmbH and Netrada Europe GmbH on 1st February 2013. Netrada Holding GmbH and Netrada Europe GmbH applied for commencement of insolvency proceedings on 9 October 2013 and 11 October 2013 respectively.

There are no further disclosures required in respect of Listing Rule 9.6.13.

About The Sage Group plc

The Sage Group plc is a leading global provider of business management software to small and medium sized companies, creating greater freedom for them to succeed. Sage understands how and why each business is unique. We provide products and services that suit varying needs, are a pleasure to use and are secure and efficient. Formed in 1981, Sage was floated on the London Stock Exchange in 1989 and entered the FTSE 100 in 1999. Sage has over 6 million customers and more than 13,380 employees in 24 countries covering the UK & Ireland, mainland Europe, North America, South Africa, Australia, Asia and Brazil. For further information please visit www.sage.com

 

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