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20 Apr 2010
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.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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