Micro Focus (LON:MCRO) has appointed Mike Phillips as new chief financial officer, bringing aboard his - as one broker put it - “diligence of a Jesuit” to address the accounting issues that have been a concern for shareholders.
Phillips has a total 10 years of experience in listed international technology corporations. He has recently served as chief executive of Morse PLC, which he left after the successful corporate sale to 2e2 in June 2010.
Prior to that Phillips was group finance director at Microgen PLC where he was responsible for the company's M&A activity, internal and external financial reporting, investor relations and corporate finance.
Broker Panmure Gordon welcomed the update, giving it an “unreserved thumbs up.”
“Knowing Mr Phillips for the past ten years, we believe he is very astute, having cleaned up (bringing it back from the brink of insolvency) Morse PLC...
“Shareholders who have been concerned about accounting issues at Micro Focus should be assured that Mr Phillips has the diligence of a Jesuit.
“In addition, we believe Mr Phillips will be able to conclude M&A transactions as these occur,” commented Panmure.
Shares in the company rose 5.5% on the news.