The company says the decision resulted from ‘a loss of confidence’ in Conway.
It took effect immediately and PeopleSoft has appointed its founder and chairman Dave Duffield as the new chief executive.
The company recently reported disappointing financial results and has been battling against a proposed hostile takeover by Oracle.
‘I am excited to be returning to PeopleSoft on a full time basis and look forward to working with our strong, talented senior management team,’ said Dave Duffield.
‘My priority is to build on the core values on which this company was founded. We will focus on technology innovation, a relentless commitment to our customers, and a renewed drive to keep PeopleSoft a great place to work for all employees,’ he said.
PeopleSoft’s US share price has rocketed to $21.39 (£11.89), a 7.8% increase on its opening offer.
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