Micro Focus investors urged to remove executive chair

SHAREHOLDER group Pirc has advised investors to oppose the re-election of Micro Focus executive chairman Kevin Loosemore at next Wednesday’s annual meeting, claiming his pay package is excessive.

Pirc said yesterday that Loosemore’s combined role meant there was “no de-facto division of responsibilities” at Micro Focus, with him taking “both the role of the chairman and of a CEO”. Pirc added that his severance package – one and a half times his annual salary – was a concern.

More than 10 per cent of Micro Focus shareholders opposed Loosemore’s election at last year’s AGM.