February 4, 2020 / 7:33 AM / 14 days ago

Micro Focus chairman Loosemore steps down after 'challenging' year

LONDON (Reuters) - British IT company Micro Focus Intl (MCRO.L) said its executive chairman Kevin Loosemore would stand down this month after a “challenging year” in which its revenue and core earnings fell short of expectations.

Loosemore, who built Micro Focus into a global company with revenue of over $3 billion in 15 years, will stand down on Feb. 14, when IT industry executive Greg Lock will take up the role of non-executive chairman, the company said.

Micro Focus’s revenue for the year to Oct. 31 fell 7.3% to $3.35 billion and its adjusted core earnings declined 2.6% to $1.36 billion, it said on Tuesday.

Reporting by Paul Sandle; editing by James Davey

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