Poor performance leads to change of management, says UK software firm

The US chief executive and chief financial officer of UK software supplier Sage are to leave the company following poor regional performance.

A trading update published yesterday says annual revenues due in November are expected to rise just four per cent in the North America region, compared with earlier predictions of seven per cent. Overall revenues are expected to grow seven per cent to £1,158m.

"Following a review of its North American business, the board has concluded that a change in leadership is required to realise the full potential of this business," said a company statement.

Shares in the company fell eight per cent on the news.

Recruitment of a new regional chief executive officer and regional chief financial officer is underway.