HR payroll and software developer Sage has reportedly recruited Russell Reynolds Associates to search for a new chief executive, according to The Sunday Times.

It is understood current CEO Paul Walker has decided to step down after 26 years with the Newcastle-based company because he wants to try fresh challenges.

Walker has been in the top job for 16 years and is one of the longest-serving chiefs of a FTSE-100 company. It is believed that there is no fixed timescale for him to step down.

Walker already holds a non-executive directorship with drinks company Diageo and will take on the same role with business information firm Experian from June.

A spokesperson at Russell Reynolds told Recruiter they could neither confirm nor deny news of the assignment.