Micro Focus confirmed on Monday that, at the end of last week, executive chairman Kevin Loosemore trousered £11.6mln after cashing in 650,000 shares at 1,777.3p apiece.
The 60-year-old, who has faced a challenging year after investors voted down the remuneration report following heavy criticism of a £110mln bonus scheme, said the sale was part of efforts to “diversify” his personal investments.
“Following the publication of our interims, I have taken the opportunity to sell some of my shares in the company,” Loosemore said.
“Until now, all of my assets have been held in Micro Focus shares. Having recently turned 60, it is time for me to diversify a little, although around half my personal wealth remains in the stock.”
Senior executives selling down their stakes is often seen negatively by other shareholders, and that proved to be the case again on Monday, with the stock down almost 5% to 1,679.2p in mid-morning trading.