The Sage Group plc has announced that Stephen Kelly will succeed Guy Berruyer as group chief executive officer with effect from November 5.
On this date, Berruyer will retire from the role and from his position as director.
He will, however, remain available to support Kelly, as required, until the end of March 2015.
Sage chairman Donald Brydon said: “I am delighted that the board has been able to attract Stephen Kelly to join Sage as our new chief executive to succeed Guy when he retires as previously announced.
“Stephen brings exceptional leadership skills combined with a passion for customers and a track record of driving profitable growth.
“His experience in Europe and the USA in leading successful listed software companies and effective global teams will serve Sage well.
“He will join a strong executive team and will play the key role in driving forward our strategy and realising our growth ambitions, building on the well-founded platform established by Guy.”
On appointment, Kelly will receive a basic annual salary of £790,000 and will participate in the Annual Bonus and Performance Share Plan to the same extent as his predecessor.
In addition, and to further align his incentives with shareholders, he will receive a one-off PSP award of £987,500 with a six year vesting period against demanding share return performance conditions.
While assisting the new chief executive, Berruyer will continue to receive his normal salary and benefits, but will not be eligible for a bonus from 5 November 2014.
Kelly said: “This is a great time to be joining Sage.
“Sage is an excellent business with a proven business model and a strong track record of creating value for shareholders. S
“age is perfectly placed to help SMEs fully capture the benefits of cloud, social, and mobile technologies.
“I am honoured to have the opportunity to lead Sage and grateful to work with Guy in an orderly and smooth transition from November.”