Dear Visitor,

Our system has found that you are using an ad-blocking browser add-on.

We just wanted to let you know that our site content is, of course, available to you absolutely free of charge.

Our ads are the only way we have to be able to bring you the latest high-quality content, which is written by professional journalists, with the help of editors, graphic designers, and our site production and I.T. staff, as well as many other talented people who work around the clock for this site.

So, we ask you to add this site to your Ad Blocker’s "white list" or to simply disable your Ad Blocker while visiting this site.

Continue on this site freely
  HOME     MENU     SEARCH     NEWSLETTER    
CUSTOMER RELATIONSHIP MANAGEMENT NEWS. UPDATED 10 MINUTES AGO.
You are here: Home / Computing / Oracle's President Replaces CFO
Oracle's President Replaces Resigned CFO
Oracle's President Replaces Resigned CFO
By Barry Levine / CRM Daily Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
APRIL
26
2011
Oracle Chief Financial Officer Jeff Epstein has resigned after less than three years in that role. The position will be filled by current President and ex-CFO Safra Catz, who will remain as president.

Catz, who was CFO from November 2005 until September 2008, has been Oracle's president since 2004 and on the board of Directors since 2001. The company made the announcement Monday, and said Catz' appointment as CFO was "permanent and effective immediately."

No reason was given for Epstein's departure.

'No More Logical Choice'

Oracle CEO Larry Ellison said Catz "already has the long-standing confidence of our employees, our board, and our shareholders," adding that "there is no more logical choice for CFO."

Board Chairman Jeff Henley noted that the CFO position had been reporting to Catz, and, as she previously served in that role, she is quite familiar with the responsibilities.

Epstein had been CFO since August 2008, when he replaced Catz. Before Oracle, Epstein was CFO of casual and social game publisher Oberon Media. Before that, he worked for DoubleClick, now owned by Google.

He was recruited to become CFO. The two previous holders of that position -- Harry You and Greg Maffei -- each held the job for less than a year. Catz similarly stepped into that position on an interim basis immediately after the departures of You and Maffei.

You resigned to become CEO of a tech consulting firm. Maffei, who was both CFO and president, left to become CEO of Liberty Media.

Up 78 Percent

Catz's time as CFO means she has more seniority in that position that any of the three men who have held that position since Jeff Henley left in 2004 to become chairman of the board.

Industry observers have noted that Oracle's corporate culture is not for the weak of heart, and Catz's experience in that position may have made her a tougher boss to the reporting CFO.

Others have suggested that ex-Hewlett Packard CEO Mark Hurd, who joined Oracle after leaving HP last summer following an investigation for sexual harassment, may have taken on some of the responsibilities that a CFO normally would have, such as communicating with investors and customers.

In fact, there has been some speculation among Oracle watchers that these moves better position Hurd as an eventual replacement for Ellison, 66, since it could mean that Hurd acquires more control over daily operations of the company. Others see Catz, who has rotated through the CFO position several times, as now in the strongest position.

The executive changeover has not had a noticeable effect on the company's stock prices, which dropped half a percent in pre-market trading Tuesday. Oracle has reported that fiscal third-quarter profits in March were up 78 percent.

Tell Us What You Think
Comment:

Name:

C. Schilling:
Posted: 2011-04-28 @ 8:59am PT
Typo - Opening paragraph you have Sandra Catz, when it should be Safra Catz.

Editor's note: Corrected, thanks!

Like Us on FacebookFollow Us on Twitter
MORE IN COMPUTING

NETWORK SECURITY SPOTLIGHT
Britain's cybersecurity agency has told government departments not to use antivirus software from Moscow-based firm Kaspersky Lab amid concerns about Russian snooping.

CRM DAILY
NEWSFACTOR NETWORK SITES
NEWSFACTOR SERVICES
© Copyright 2017 NewsFactor Network. All rights reserved. Member of Accuserve Ad Network.