- Micro Focus International (NYSE:MFGP) plunges 54% premarket after losing its CEO and lowering its forecast.
- CEO Chris Hsu left to spend time with family after a little over a year at the job. COO Stephen Murdoch will step into the position.
- Micro Focus spent $8.8B last year to buy Hewlett Packard Enterprise’s (NYSE:HPE) software business and has experienced difficulties integrating the unit.
- Exec chairman Kevin Loosemore: “We’re finding the integration harder than wed’ anticipated or planned. (We have) no regrets at all (on the deal but) the returns clearly may be delayed slightly.”
- Full year forecast now expects revenue to drop 6% to 9% (was: down 2% to 4%) with 1H down 9% to 12%.
- Previously: Micro Focus -17% after post-HPE merger interim results (Jan. 8)