Micro Focus boss is the surprise choice to chair ailing De La Rue

Micro Focus executive chairman Kevin Loosemore was unveiled as the surprise choice to chair beleaguered banknotes printer De La Rue on Monday.

The 60-year-old, seen as Micro Focus’s guiding light during a rapid rise to the FTSE 100, will take over from Philip Rogerson, who has chaired De La Rue since 2012.

The announcement, coming days after Micro Focus had £1.7 billion wiped off its shares following a dire profit warning, may raise eyebrows, given the arduous task De La Rue faces in a turnaround.

The £5 and £10 notes printer is under pressure from activist shareholder Crystal Amber. It is also looking for a new CEO after Martin Sutherland decided to leave in May.

A reputational debacle, which saw it lose the contract to print British passports, and a probe by the Serious Fraud Office, has also cast a pall over the firm, with the shares down 50% this year.

Loosemore will give up his boardroom role at Iris Software Group to take the De La Rue job but will still have to contend with problems at Micro Focus, where he is a top shareholder.

Issues integrating the takeover of HP Enterprise software prompted last week’s warning,