Sage chief executive announces departure

“I feel privileged to have led Sage during a period of tremendous growth,” said Mr Cahill.

“I am proud that in just three years Sage has become one of the fastest growing registered providers in the UK, delivering nearly 3,000 homes, with a further 14,000 in the pipeline.

“I have been in post for 16 months, much longer than the six months I anticipated, and now is the right time to hand the reigns to someone else as the organisation moves into a new phase.

“Sage is a special place and I will follow its progress closely.”

Blackstone, the world’s largest property investor, acquired a stake in Sage Housing in January 2018, with the landlord aiming to have 20,000 homes in its ownership within its first five years.

Sage’s strategy has been to buy the affordable homes developers are required to build under Section 106 agreements across the UK and has exchanged contracts on more than 10,000 properties.

Its homes are managed through a partnership agreement with large housing association Places for People.

As well as Sage Housing, Blackstone has financed a sister organisation, Sage Partnerships, which will look to partner with landowners and fund new build developments.

Alison Thain, chair of Sage Housing, said: “Rod has delivered a huge amount for the organisation as interim chief executive.

“He has played an important role in so many of our achievements including the milestone of achieving 10,000 exchanges.

“We thank him for his efforts and contribution to the group and we’re grateful that he will stay on to help Mark settle into his role.

“Mark’s deep knowledge of customer-facing regulated businesses will only strengthen our senior management team until a permanent successor is appointed.”

Mr Sater said: “Sage is a fantastic company and I am delighted to be taking on this interim role.

“I look forward to bringing my experience to the company and working closely alongside the board to continue building on the group’s success to date, providing high-quality affordable homes and excellent service for residents across the UK.”