This morning, it was announced that Micro Focus International’s shares have fallen by 55% since its chief executive resigned.
Micro Focus noted that its former HPE executive and boss, Chris Hsu, had decided to retire immediately “in order to spend more time with his family and pursue another opportunity”.
Micro Focus wrote in a statement: “Since the interim results on 8 January 2018, the rate of year-on-year revenue decline has been greater than anticipated.
“The recent revenue performance is primarily due to lower than expected license income and is a result of a number of factors, which management believe to be largely one-off transitional effects of the combination with HPE software.”
The UK tech giant’s issues have also stemmed since it purchased Hewlett Packard Enterprise for £6.8billion.
Written by Leah Alger