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 (NASDAQ: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.
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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. (NASDAQ: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.”
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.