Sage CEO takes £20m payout

Outgoing chief executive of software company Sage will walk away with an
estimated £21m payout.

Paul Walker, departing CEO who steps down after more than 16 years, will walk
away a long term bonus plan and a year’s salary
The
Daily Mail reported.

Walker initially joined the company in 1984 as an accountant before taking on
the finance director role in 1987 and becoming chief executive in 1994.

Analysts in the City claim it’s time for a change and the company is in need
of “fresh blood” as things have gone “stale” at Sage.

In the company’s annual results posted in September 2009 sales fell 4% to
£1.44b. However, the company grew its customer based by 245,000 in the same
period.

Analysts warn Walkers replacement will need to keep an eye on the competition
and the software industry as online products gain greater user backing.

Paul Harrison, group finance director, and Paul Stobart, head of the UK and
Irish division, are seen as the front runners to succeed Walker.

Further reading:

Sage
chief Walker to step down after 16 years

Sage’s
stock “undervalued”