Micro Focus CEO Chris Hsu has left the software vendor as the company said Monday it is now projecting lower revenue growth for its fiscal year following its $8.8 billion spin-merger with Hewlett Packard Enterprise's software assets last year.
Hsu, named CEO of U.K.-based Micro Focus in January 2017, assumed the role following the closure of merger with the software division of HPE. He came to Micro Focus from HPE, where he managed the vendor's enterprise software business.
Micro Focus stock was down 47 percent Monday morning at $13.72 per share.
The company reported Monday that it now expects revenue for its fiscal year, which ends Oct. 31, 2018, to decline between 6 percent and 9 percent. In its earnings report in January, Micro Focus predicted revenue to decline between 2 percent and 4 percent largely due to the merger with HPE's software division, according to a release.
Hsu said he was leaving to spend more time with his family. "I have loved leading this great company and am confident that it is well positioned to help customers across their Hybrid IT challenges with a focus on delivering customer-centered innovation," he said in a statement.
Stephen Murdock, who most recently served as the company's chief operating officer, will become the new CEO effective immediately, according to Micro Focus. Murdock previously was CEO of Micro Focus prior to the spin-merger with HPE's software division.