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.