Accounting software firm Sage has parted company with its chief executive, after fours year in charge of the firm, following problems encountered in the migration of its service to the cloud.
The Newcastle-based company has said that Kelly will remain available to the firm until May 31, 2019. Sage has also said that it has begun the process of seeking a replacement.
Chief financial officer Steve Hare will be promoted to chief operating officer with full executive authority to run the business until the appointment of a new chief executive.
It is the first time that Sage has dismissed its chief executive and its share price dropped by 6.6% following the announcement.
Chairman Donald Brydon said: “Stephen has much to be proud of in the very heavy lifting he has led as the group is transformed. He energised the group, drove change with relentless focus on customers, and under his leadership the strategy to become a leading SaaS business has been defined.
“The board remains fully supportive of the overall strategy. We wish Stephen well in the next phase of his life.”