Oracle Corp. (ORCL), said Monday its Chief Financial Officer Jeff Epstein has resigned, and named its President Safra Catz as the new CFO with immediate effect. Catz, to whom Epstein reported, is not new to the job as she earlier served as Oracle CFO for nearly three years. The company said Catz' appointment will be permanent, and she will also concurrently serve as president.
Oracle Chief Executive Officer Larry Ellison said: "Safra already has the long-standing confidence of our employees, our Board and our shareholders. There is no more logical choice for CFO."
Safra Catz joined Oracle in April 1999 and has been president since January 2004. Catz earlier served as the company's CFO for nearly three years from November 2005. She also has been a member of Oracle's Board since October 2001.
The resignation of Jeff Epstein comes barely a month after the world's second largest software company reported a 78 percent surge in third-quarter profit. The company has not yet divulged the reasons for Epstein's departure.
Oracle, based in Redwood Shores, California, has been showing consistent profits, with acquisitions playing a key role in its results. The company has continued to carry out its strategy of acquisition-driven growth, and has wrapped up more than 68 companies since 2005.
Oracle completed its much awaited $7.4 billion acquisition of Santa Clara, California-based Sun Microsystems in January last year - the biggest buy since its $8.5 billion takeover of BEA Systems Inc. in 2008 and the $11.1 billion acquisition of PeopleSoft Inc. in early 2005. In January this year, Oracle completed its $1 billion acquisition of e-commerce software provider Art Technology.
ORCL closed Monday's regular trade at $34.83, up $0.08 or 0.23%, on a volume of 11.97 million shares on the Nasdaq. In after hours, the stock lost $0.43 or 1.23%.
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