Sage chairman resigns

The chairman of FTSE 100
business software group
Sage, Julian Horn-Smith, resigned suddenly
from the company this morning, citing differences in leadership style with the

Horn-Smith had only being in the position for 8 months. 

In a statement to the stock exchange Sage said that Horn-Smith had resigned
with immediate effect, and would be replaced by non-executive director
Tony Hobson .

Hobson will fill the role until a new chairman is appointed.

Despite the surprise announcement Sage’s share price was virtually unchanged
and traded at around 263p this morning (Friday).

In a statement Horn-Smith said: ‘Sage is a truly outstanding company and it
is with great regret that I have decided to leave.

‘After careful consideration the board agreed that the differences in styles
and culture meant that change was necessary. I felt that the best solution was
for me to stand down as chairman. I wish the company every success in the

Hobson said Sage wished Horn-Smith well for the future and thanked him for
his contribution to the company.

Further reading:

the full statement

Related reading