Oracle CFO Resigns, Catz Resumes Role

By

Published April 25, 2011

| MarketWatch

Oracle Corp. said Monday that Chief Financial Officer Jeff Epstein, who assumed the position roughly two and a half years ago, has resigned effective immediately.

The business software maker (ORCL)  said in a statement that co-President Safra Catz will assume the additional responsibility of CFO. Epstein had reported to Catz, the company said, and she had served in the CFO role from 2005 to 2008.

Epstein became Oracle’s CFO in September 2008 after previous stints in the same position at gaming firm Oberon Media and at DoubleClick, an online display-advertising firm acquired by Google Inc. (GOOG)  

Oracle did not offer an explanation for Epstein’s resignation. An Oracle spokeswoman declined to comment.

Oracle Chief Executive Larry Ellison said in a statement that 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.”

Catz joined Oracle in 1999, and has been president since 2004. Oracle also hired former Hewlett-Packard Co. (HPQ)  CEO Mark Hurd as president last year, replacing Charles Phillips.

Last month, Oracle reported third-quarter earnings that included a profit that nearly doubled, and a 37% increase in sales compared to the same period a year earlier.

Shares of Oracle, which have risen nearly 8% over the past three months, fell more than 1% to $34.40 in after-hours trading, following the announcement about Epstein’s resignation.

URL

http://www.foxbusiness.com/technology/2011/04/25/oracle-cfo-resigns-catz-resumes-role/