Oracle loses CFO after weeks of uncertainty
Enterprise software vendor loses fourth CFO in two years
Oracle CFO Greg Maffei has resigned after spending less than five months with
the enterprise software vendor.
The position of the executive had been uncertain after he had missed a number
of public appearances in the past two weeks. Investment bank Goldman Sachs
linked the executive problems to the last minute cancellation of Oracle’s
analyst meeting on October 24.
Oracle has referred to the problems as ‘scheduling conflicts’ and ‘family
issues’, Goldman Sachs noted in a research paper.
‘We have grown increasingly convinced that that there are leglitimate
questions regarding Mr Maffei’s status at the company,’ analysts with the
investment bank wrote prior to Oracle’s announcement.
Oracle co-president Charles Philips at an investor conference on Wednesday
dodged questions about the CFO’s status, saying that he couldn’t speak for
Maffei and that he would have to comment for himself.
Greg Maffei joined Oracle last June as President and CFO. The company at the
time touted Maffei as an ‘exceptional executive’. He replaced Harry You who had
only been with the company for nine months.
Maffei had previously served as CFO for Microsoft from 1997 until 2000 and
was President for Expedia, a former Microsoft spin-off. He most recently was
chief executive of 360networks.
His departure follows the loss of UK FD Norman Green, who leaves the software
company for international law firm Herbert Smith in December.
