Monday, January 30, 2023

Oracle Fires PeopleSoft Co-Presidents

Oracle fired PeopleSoft’s co-presidents and replaced them with its own co-presidents after Oracle gained a controlling stake in its rival enterprise software company.

PeopleSoft Co-President Phillip Wilmington and Co-President and Chief
Financial Officer Kevin Parker were replaced last week, according to a filing with the Securities and Exchange Commission.

Oracle named Safra Catz and Charles Phillips as co-presidents while Harry You will serve as CFO. Catz and Phillips had been Oracle co-presidents since last January while You became Oracle CFO in July.

The terminations, coming less than two weeks after PeopleSoft CEO David Duffield resigned, come as no surprise.

Many analysts expected changes to come swiftly once Oracle acquired a
controlling stake in PeopleSoft, whose board agreed
to Oracle’s $10.3 billion acquisition bid December 13.

Oracle has until 8 p.m. New York time on Tuesday January 4 to gain a 90
percent stake in PeopleSoft. If it does not secure the required number of
shares, it will have to hold a special shareholder vote on the merger,
delaying the deal’s close by about a month.

A look back at some of the key highlights in the fight to merge the business
application giants may be viewed here.

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