Newcastle-based software giant Sage Group, the UK’s largest tech company, said around 30 senior executives have left the firm since April 13 “in order to simplify the organisation, speeding up decision making and improving accountability.”
Sage said: “It is imperative that Sage has the right leaders who have clear accountability, act with pace and provide alignment between functions and regions in order to execute flawlessly against the strategy.”
The news came as Sage announced results for the six months ended March 31, 2018, in which Sage recorded a 5% fall in pre-tax profit to £171 million on revenue up 7.1% to £899 million.
Sage CEO Stephen Kelly said: “The significant market opportunity, as outlined at Capital Markets Day, is compelling and unchanged.
“Sage Business Cloud remains the most comprehensive cloud platform in the market to capitalise on this opportunity.
“Organic revenue growth in H1 18 was around £5 million below our expectations, due to slower and more inconsistent sales execution than we had planned for.
“We have already started the implementation of robust plans to address these execution issues and to accelerate our growth through high-quality recurring revenue throughout the rest of FY18 and beyond.
“The revised revenue guidance for FY18 reflects the H1 18 performance, but also our absolute commitment to ensuring we focus on driving high-quality subscription revenue, aligned with the strategy.”
more to follow …