UPDATE: Sage Appoints European, Asian Boss Berruyer As CEO

16th Jul 2010 08:00

(Adds analyst comments) By Lilly Vitorovich Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Sage Group PLC (SGE.LN) Friday appointed its European and Asian boss Guy Berruyer as its new chief executive to succeed Paul Walker, who has been at the helm of the U.K.'s biggest software firm for 16 years. Berruyer, 59, joined the company in 1997 to run its French operations and was appointed to the board in January 2000. He will take up the CEO position Oct. 1. Walker, 53, who told the company in April that he wanted to leave, will remain with Sage until Dec. 1. Sage distributes and develops business software for more than six million small and medium-sized enterprises. Chairman Anthony Hobson said that during Berruyer's 13 year career with Sage, he has led "the successful growth of our business in Europe and, more recently, in Asia." "He has a strong track record of profit growth, both organically and through the successful acquisition and integration of companies," Hobson said in a statement. Berruyer and Walker weren't available to comment, a company spokesman said. Berruyer's appointment is good news, with Panmure Gordon analyst George O'Connor noting he has "international expertise, an industry background, has built an impressive business in Europe and is steeped in the Sage and the SME (small and medium enterprises) culture." "These factors always gave him pole position in the hunt for a new CEO, in our view," said O'Connor, who always expected an internal appointment, with Berruyer on his list alongside Finance Director Paul Harrison, U.K. CEO Paul Stobart and North America boss Sue Swenson. He retains a buy rating on Sage. Sage shares closed at 242 pence Thursday on the London Stock Exchange, valuing the company at GBP3.18 billion. -By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; [email protected] (END) Dow Jones Newswires July 16, 2010 03:00 ET (07:00 GMT)