The companys founder and chairman, Dave Duffield, will replace Conway as CEO. Kevin Parker and Phil Wilmington will act as co-presidents, according to a statement released by the company.
Days after PeopleSoft announced the acquisition of J.D. Edwards & Co. in June of 2003, Oracle Corp. lobbed a hostile takeover bid at the company, which Conway and the board unanimously rejected.
Since that time, Oracle has increased and decreased its bid for the company—it now stands at $7.7 billion—and won an antitrust trial brought by the U.S. Department of Justice to pursue PeopleSoft.
In the ensuing months, PeopleSofts stock has fallen and customers have lost confidence in the companys ability to survive. Through it all, Conway and the board have steadfastly declined Oracles offer.