Oracle CFO Resigns After Four Months

 
 
By Renee Boucher Ferguson  |  Posted 2005-11-03 Email Print this article Print
 
 
 
 
 
 
 

Updated: Oracle announced that CFO and co-president Greg Maffei is parting ways with the company after only four months on the job. Maffei cited a "terrific professional opportunity" as his reason fo

Oracle Corp. announced late Thursday afternoon its latest CFO and co-president, Greg Maffei, is leaving the company after a mere four months on the job.

Maffei, a veteran of Microsoft Corp., where he managed the companys $35 billion cash and strategic investment portfolio, took the place of Harry You, who left the top CFO spot at Oracle after 10 months on the job.
Maffeis reason for leaving Oracle on such short notice is a "terrific professional opportunity," according to a statement released by Oracle. You also left the company in lieu of a better opportunity—CEO of BearingPoint Inc.
"This will all be no big deal if it turns out [Maffei] gets a major job somewhere else," said Jim Shepherd, analyst with AMR Research, who said he doesnt believe the two CFO departures are related. "If he doesnt, then there will be all kinds of speculation about the climate inside of Oracle, and the financials, though Oracle is very conservative about their financial management. My guess is somebody offered the guy a CEO job." There was some speculation early on, when Maffei was hired, whether there would be friction with three separate presidents—two arguably better connected within Oracle than Maffei—sharing the top spot.
Click here to read more about speculation surrounding Maffeis departure. AMRs Shepherd said that the rumors inside Oracle were that "nobody was very sad to see Harry You go." Maffei, in Thursdays statement, said his resignation is nothing personal when it comes to Oracle. "My resignation from Oracle is not a reflection on the company, its executives or employees," said Maffei. "I wish Oracle and my former co-workers the very best." Oracle wraps up its G-Log buy. Click here to read more. In addition to the CFO role, Maffei served as an Oracle president alongside Safra Catz and Charles Phillips, two executives brought on board during Oracles hostile and lengthy takeover battle to acquire PeopleSoft Inc. All three presidents report to Larry Ellison, Oracles vociferous CEO. As she did with Yous unexpected departure, Catz will take on the CFO role. Oracle did not say whether it will be an interim role. Maffei will remain with the company until Nov. 15. Editors Note: This story was updated to include comments from analysts. Check out eWEEK.coms for the latest database news, reviews and analysis.
 
 
 
 
 
 
 
 
 
 
 

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