Sage Group, Britain’s biggest software company, purged the chief executive and the finance director of its American business today.

In a statement released this morning, the company said: “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.”

Ron Verni, the chief executive of Sage's American business, and Jim Eckstaedt, the chief financial officer, have left the firm and the recruitment process for successors has begun.

Sage shares had dived 4.77 per cent to 239.75p by mid-morning.

The upheaval comes only months after the surprise departure of Andrew Corbin, its head of healthcare software, who followed soon after Sir Julian Horn-Smith, the chairman, left over what the company called "differences in culture and style".

Mr Verni had stepped into Mr Corbin's role while a replacement was found.

The company said that senior management in North America would report directly to Paul Walker, the group chief executive, until a new regional chief executive was appointed.

Andrew Griffith, the group’s director of treasury and mergers and acquisitions, will be acting chief financial officer for North America until a replacement is found.

Sage, which has been the subject of takeover speculation, with the American rivals Microsoft and Intuit mooted as possible bidders, had frustrated investors with sluggish American growth.

The trading update announced this morning sees that trend continue, with organic revenue growth of 4 per cent in North America trailing behind 7 per cent in the UK, 10 per cent in continental Europe and 17 per cent for the rest of the world.

Sage said that it expected full-year results to be in line with market expectations.

The company said in a pre-close trading statement that full-year revenues were expected to be £1.16 billion, up from £890 million last time, with earnings before interest, tax, depreciation and amortisation of £283 million, compared with £239 million last year.

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