Keith Loosemore, boss of Micro Focus, has cashed in £11.6m worth of shares, it has been revealed today.
Loosemore, executive chairman of software firm Micro Focus and one of the FTSE 100’s best-paid executives, has sold 650,000 shares in an effort to “diversify” his personal investments.
He 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.”
Micro Focus has been in hot water for its remuneration packages. Investors voted against its pay report at the company’s annual general meeting earlier this year.
This is because the firm decided to give executives an extra 12 months to hit a share price target of £34 each which will trigger a bonus payment £270m.
The deal, put in place after Micro Focus acquired Hewlett Packard Enterprise’s software business in 2017, means Loosemore could be in line for a £37.4m bonus payment.
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