15th Apr 2014 08:21
LONDON (Alliance News) - Micro Focus International PLC Tuesday said it will separate the chairman and chief executive roles that have been held by Kevin Loosemore for the last three years, and will look at internal and external candidates for the CEO role.
In a statement, the company said it thinks its performance over the last three years has vindicated its decision to combine the role, even though it recognises this goes against best practise for corporate governance.
It said it now plans to conduct an "orderly succession" to separate the roles over the next 12 to 24 months.
"This will include the evaluation of internal and external candidates for the role of CEO whilst at all times aiming to ensure appropriate continuity and continued focus on performance," it said.
The software company also said it has appointed Stephen Murdoch as its chief operating officer.
Loosemore, who had previously worked for companies including IBM, Motorola and Cable & Wireless, became non-executive chairman of Micro Focus in 2005. He became executive chairman in April 2011, when former chief executive, Nigel Clifford, left the company.
Micro Focus shares were up 1.1% at 802.5 pence Tuesday morning. The stock has almost tripled since Loosemore became executive chairman.
By Steve McGrath; [email protected]; @SteveMcGrath1
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