Summary
Oracle Corporation (ORCL) has announced a significant leadership change with the appointment of Jeffrey E. Epstein as Executive Vice President and prospective Chief Financial Officer. Mr. Epstein, a seasoned executive with prior CFO experience at Oberon Media, ADVO, Inc., and VNU's MMI Group (including Nielsen Media Research), is expected to officially assume the CFO role following the filing of Oracle's first quarter fiscal year 2009 Form 10-Q. His appointment signals a strategic move in financial management, with Mr. Epstein reporting to current President and Director Safra A. Catz, who will continue in her presidential role. Mr. Epstein's compensation package includes an annual salary of $700,000 and a target bonus of $1,200,000 for fiscal year 2009, with potential for a stock option grant of 1,000,000 shares vesting over four years. The company will also cover relocation expenses up to $200,000 and associated tax reimbursements. This announcement provides clarity on Oracle's executive finance team transition and its commitment to attracting experienced leadership.
Key Highlights
- 1Jeffrey E. Epstein appointed Executive Vice President and prospective Chief Financial Officer, effective September 8, 2008.
- 2Mr. Epstein will assume the CFO title following the filing of Oracle's first quarter FY2009 Form 10-Q.
- 3Safra A. Catz will remain as President and a Director, transitioning from her CFO duties.
- 4Mr. Epstein's responsibilities will encompass finance, controller's office, treasury, investor relations, and more.
- 5Mr. Epstein brings extensive CFO experience from companies like ADVO, Inc. and Nielsen Media Research.
- 6His compensation includes a $700,000 base salary and a $1,200,000 target bonus for FY2009.
- 7Potential for a stock option grant of 1,000,000 shares, subject to Compensation Committee approval.