British software maker Aveva Group said on Friday Richard Longdon would step down as chief executive on December 31.

Longdon would move to the role of president for a period of 12 months after stepping down as CEO, the company said.

The company also said trading for the group since May 24 has been in line with expectations, and that it expects a currency benefit in FY17 from the translation of overseas earnings if the weakness in the sterling were to be prolonged.

The pound has weakened versus the euro and the U.S. dollar after Britain last month voted to leave the EU.

Aveva named current Chief Financial Officer James Kidd as deputy chief executive with immediate effect and said he would assume the role of CEO in January.

Aveva had said in June that talks over a possible tie-up with France's Schneider Electric SE had ended.

The companies had been in talks over the merits of the proposed deal, that would have been a reverse takeover under UK listing rules.-Reuters