Software company Micro Focus International Plc (MCRO.L) Wednesday said its chief executive officer Stephen Kelly intends to step down for personal reasons. Further, the company said that search for a successor would start immediately.
Newbury, Berkshire-based Micro Focus stated that Kelly would assist the company to ensure smooth transition.
Kelly was named CEO of Micro Focus in May 2006. Prior to joining Micro Focus, he served as CEO of Chordiant Software Inc. (CHRD), a Nasdaq listed company.
Kelly said, "I have been privileged and fortunate to have served Micro Focus for over three years. The timing and nature of these personal decisions is never easy - it will be sad for me to leave the company. I will be supporting a managed transition and then take time to assess the next steps for me and my family."
Micro Focus also noted that trading across the company remains in line with the comments made in the first quarter interim management statement on August 12. In that update, the company said its trading outlook remains broadly in line with management view following the first quarter.
MCRO is currently trading at 339.74 pence per share, down 11.80%, on the London Stock Exchange.
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