Oracle gives PeopleSoft executives the boot
Oracle gives PeopleSoft executives the boot
Oracle has replaced PeopleSoft's co-presidents, just days after gaining a controlling stake in the company.
PeopleSoft co-president and chief financial officer Kevin Parker and co-president Phillip Wilmington have been replaced by Safra Catz, Charles Phillips and Harry You. Catz and Phillips who have been co-presidents of Oracle since January, will fulfil the same role at peopleSoft, while You, who has been Oracle CFO since last July, takes over the CFO duties for PeopleSoft.
The move follows the resignation of PeopleSoft founder David Duffield, who returned as CEO of the company during PeopleSoft's long takeover struggle with Oracle following the removal of former CEO Craig Conway, who was bitterly opposed to the idea of Oracle taking control of PeopleSoft.
Duffield, who intimated upon his return in October last year that he was back at the helm for the long term, resigned as of December 21, according to a filing with the U.S. Securities and Exchange Commission. Once PeopleSoft finally relented to Oracle's pursuit, it seemed inevitable that industry veteran Duffield would take this course of action.
Meanwhile, Oracle has announced that PeopleSoft stockholders have tendered approximately 75 percent of PeopleSoft outstanding stock, a figure which gives Oracle control of the company, but which falls a little short of the level needed to bring a swift conclusion to the deal.
As a result of the shortfall, Oracle extended the tender deadline to 5pm P.S.T. January 4, 2005, by which time it hopes to have received more than 90 percent of available shares. Should Oracle achieve this, it would avoid having to hold a shareholder vote, which could delay the closure of the deal by as much as six weeks.
In a statement, Oracle CEO Larry Ellison expressed his satisfaction at the progress made by the companies since the agreement was reached last month.
"We are moving forward quickly with the integration planning process and have been pleased by the level of coordination as we combine the two organisations."
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