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Oracle CFO Resigns After 4 Months

Oracle Chief Financial Officer and Co-President Greg Maffei resigned late Thursday after just four months on the job, making him the third CFO to leave the post during the past two years.

In a short statement announcing the resignation, CEO Larry Ellison said that Maffei decided to resign to pursue a "terrific professional opportunity," but gave no indication as to what the opportunity is. “We wish him well,” he commented.

Maffei, who served as Microsoft's CFO from 1997 to 1999, said in the release, “My resignation from Oracle is not a reflection on the company, its executives or employees...I wish Oracle and my former co-workers the very best.”

Despite the congenial tone of the announcement, several analysts cited infighting as a likely reason for the departure. Portland-based Pacific Crest Securities Analyst Brendan Barnicle told Bloomberg, "I've heard about personality issues with him and the other executives.'' The Wall Street Journal reported that Maffei is rumored to have clashed with his successor, fellow Co-President Safra Catz.

The resignation was not entirely unexpected; Just hours before it was announced, Goldman Sachs analyst Rick Sherlund issued a research note questioning Maffei's status at the company, citing two recently cancelled appearances.

Maffei came to Oracle in June from 360networks, where he served as CEO. According to Oracle, Maffei will officially leave the company on Nov. 15.

Oracle's previous CFO, Harry You, left to become CEO of BearingPoint. You came to Oracle the year before to replace Jeff Henley, who became chairman of Oracle's board.

According to reports, Oracle will not be looking to replace its third co-president position.

About the Author

Becky Nagel is vice president of AI for 1105 Media, where she specializes in training internal and external customers on maximizing their business potential via a wide variety of generative AI technologies as well as developing cutting-edge AI content and events. She's the author of "ChatGPT Prompt 101 Guide for Business Uses," regularly leads research studies on generative AI business usage, and serves as the director of AI Boardroom, a new resource for C-level executives looking to excel in the AI era. Prior to her current position she was a technical leader for 1105 Media's Web, advertising and production teams as well as editorial director for a suite of enterprise technology publications, including serving as founding editor of PureAI.com. She has 20 years of enterprise technology journalism experience, and regularly speaks and writes about generative AI, AI, edge computing and other cutting-edge technologies. She can be reached at [email protected].

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