Summary
Oracle Corporation announced a significant leadership change with the departure of its Chief Financial Officer, Jeff Epstein, effective April 25, 2011. Mr. Epstein will receive $800,000, representing a pro-rata portion of his fiscal 2011 cash bonus, in exchange for a general release of claims. Importantly, Oracle stated that Mr. Epstein's resignation is not due to any disagreements regarding the company's accounting or operating practices, which should provide reassurance to investors regarding financial integrity. Following Mr. Epstein's departure, Safra A. Catz, currently a President of Oracle, has been appointed as the new Chief Financial Officer, effective immediately. Ms. Catz brings extensive experience to the role, having previously served as Oracle's CFO from November 2005 to September 2008 and as Interim CFO from April 2005 to July 2005. Her prior roles also include President since January 2004 and a Director since October 2001. This internal appointment suggests a smooth transition and continuity in financial leadership for Oracle.
Key Highlights
- 1Jeff Epstein, Executive Vice President and Chief Financial Officer, resigned effective April 25, 2011.
- 2Mr. Epstein will receive $800,000, based on the pro-rata amount of his fiscal 2011 cash bonus.
- 3The resignation is stated to be unrelated to any disagreements concerning Oracle's accounting or operating policies.
- 4Safra A. Catz has been appointed as the new Chief Financial Officer, effective April 25, 2011.
- 5Ms. Catz previously served as Oracle's CFO from November 2005 to September 2008 and as Interim CFO.
- 6Ms. Catz has extensive experience with Oracle, holding leadership positions including President and Director.