Micro Focus to separate roles of Chairman and CEO

15th Apr 2014 08:12

Software group Micro Focus has announced that it will separate the roles of Chairman and Chief Executive Officer (CEO) over the next two years.Kevin Loosemore has been Executive Chairman at Micro Focus since his appointment in April 2011."Whilst this is contrary to the Combined Code [on corporate governance] the board has explained the reasons for having the role and believe that the group's performance over the past three years has vindicated this decision," the company said.Now, Micro Focus is planning to conduct an "orderly succession" to separate the roles over the coming 12-24 months. This will include the evaluation of internal and external candidates for the role of CEO, it said.Joining Loosemore and Chief Financial Officer Mike Phillips as executive directors, the company said that it has appointed Stephen Murdoch, a manager at Dell, as its new Chief Operating Officer.The company also announced that David Maloney, Deputy Chairman, Senior Independent Director and Chairman of the audit committee, will retire from the board after nine years.Karen Slatford, who joined the Board in July 2010, will assume the role of Senior Independent Director.Meanwhile, Richard Atkins will join as Non-Executive Director and become Chairman of the audit committee.The stock was up 1.3% at 804p by 08:25.BC