Oracle ousts PeopleSoft execs |
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By Robert Westervelt, News Writer
04 Jan 2005 | Search400.com |
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Oracle Corp. has named four of its top officers to run the merged company, replacing four PeopleSoft executives.
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Oracle is trying to create value for its new customers... but it's still to early to tell if it can deliver.
Bill Swanton
vice president for research, AMR Research Inc
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PeopleSoft filed papers with the Securities and Exchange Commission last week stating that Oracle named Safra Catz and Charles E. Phillips Jr. as co-presidents, Harry L. You as financial chief and Daniel Cooperman as senior vice president, general counsel and secretary. They each hold the same positions at Oracle.
"We are moving forward quickly with the integration planning process and have been pleased by the level of coordination as we combine the two organizations," said Oracle CEO Larry Ellison in a statement.
Oracle said in its regulatory filing that it is working to complete its $10.3 billion acquisition of PeopleSoft this month.
The replaced PeopleSoft executives are Kevin T. Parker, co-president and chief financial officer; W. Phillip Wilmington, co-president; Nanci Caldwell, executive vice president and chief marketing officer; and James P. Shaughnessy, senior vice president, general counsel and secretary.
The move comes after Oracle said it had taken control of PeopleSoft and appointed four people to PeopleSoft's board, giving it a majority. PeopleSoft also said this week that its chairman and CEO, David A. Duffield, resigned.
Last month, Pleasanton, Calif.-based PeopleSoft agreed to be acquired by Oracle for $26.50 a share, ending an 18-month hostile battle. Oracle has been working to assure PeopleSoft and J.D. Edwards users that it will continue to support both products.
By moving quickly and replacing its top executives, Oracle is ensuring a smooth transition, according to Bill Swanton, vice president for research at Boston-based AMR Research Inc. The move to install new executives quickly was expected.
Oracle must assure their newly acquired customers that the transition to a merged company will come with few problems or risk losing them to a third-party support and maintenance vendor, Swanton said.
"Oracle is trying to create value for its new customers and a speedy transition will help it sharpen its image, but it's still to early to tell if it can deliver," Swanton said.
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