Micro Focus stock tumbles as boss quits

Micro Focus saw its shares fall sharply today on the surprising news that its chief executive is leaving the company.

Stephen Kelly cited personal reasons for the move, but then in an interview with Dow Jones he said he would be looking for new opportunities after a few months off.

Micro Focus shares are down 14 per cent at 329.5p at the time of writing.

Stephen 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."

The company said trading was in line in expectations and it would update analysts and investors on 28 September.

Micro Focus bought Borland and Compuware earlier this year.