Sage chief retires but first half expectations met
Graham Wylie, UK managing director and co-founder of accountancy software company Sage, has decided to retire with effect from the end of next month.
Wylie’s decision to sell £7.1m worth of shares last month led analysts to downgrade its stock. Combined with a number of other negative news stories many experts predicted the company would fall from the FTSE-100. He will be replaced by Paul Stobart.
But shares in the company jumped today after the company surprised the city by saying its first-half results were in line with market expectations.
‘The board would like to thank Graham Wylie for his substantial contribution to Sage’s success over the past 22 years, and particularly for his strong leadership of the UK business, which is well-placed for continuing growth,’ said Michael Jackson, chairman of Sage.