Oracle CFO resigns suddenly
Company gives no explanation for Jeff Epstein's immediate departure
Oracle announced on Monday that chief financial officer Jeff Epstein has resigned, effective immediately.
In a short press release, the database giant said Epstein, who became CFO in September 2008, would be replaced by company co-president Safra Catz, to whom Epstein reported directly.
(Also see: Benioff trash-talks Oracle 'cash cows')
Catz was CFO from 2005 to 2008 before being succeeded by Epstein.
"Safra already has the long-standing confidence of our employees, our Board and our shareholders," Oracle CEO Larry Ellison said in the company's press release. "There is no more logical choice for CFO."
Catz has been with Oracle exactly 12 years this month. She was named to the company's board of directors in 2001 and has been president since January 2004.
Oracle offered no explanation for the abrupt departure of one of its high-ranking executives. In the press release, Oracle Chairman Jeff Henley said, "On behalf of the Board, I’d ... like to thank Jeff Epstein for his many contributions to the company during the past few years and wish him all the best for the future."
Well, this is interesting. I wonder what happened. And where are the Oracle insiders when you need them?
Meanwhile, shares of Oracle (NASDAQ: ORCL) were down 1.1 percent to 34.44 in after-hours trading following the announcement.