Feeds

Oracle CFO exits as fight for Retek heats up

A busy time at Oracle HQ

  • alert
  • submit to reddit

Maximizing your infrastructure through virtualization

Oracle's CFO, Harry You, is leaving the company a mere two months after the database giant acquired Peoplesoft and just as its battle to acquire Retek is heating up. You, who had only worked for Oracle for eight months, is joining BearingPoint as CEO, replacing interim boss Rod McGeary. Oracle's co-president Safra Catz will pick up the financial reins until a replacement is found.

Larry Ellison issued a statement saying: "We are proud of the numerous Oracle alumni that have gone on to become CEOs of enterprise software and IT service firms. We wish Harry good fortune in his new job and look forward to partnering with him and BearingPoint for years to come."

You's departure come at a critical time for Oracle, however. The company is only two months into integrating Peoplesoft and is embarking on what looks like being a big fight with SAP to acquire retail software vendor Retek.

SAP struck a deal earlier this month to acquire Retek for $8.50 a share. Oracle countered that with a $9 bid. On Thursday SAP upped its offer to $11 per share, and Retek advised its shareholders to accept the deal. Oracle responded by increasing its bid for to $11.25, valuing the company at around $630m.

Meanwhile, Retek's share price has continued to climb, hitting a high of $11.88 before closing Thursday at $11.65. Reports suggest the bidding will go on, with Ellison giving every indication that he will continue to press his case. He said, in a statement: "Our North American applications business is larger than SAP's. We intend to defend our No. 1 position." ®

Related stories

Oracle's bid for Retek leaves SAP speechless
Oracle puts $525m between SAP and Retek
Ellison confounds sceptics over PeopleSoft
Oracle boss forecasts PeopleSoft customers' future

Seven Steps to Software Security

More from The Register

next story
Whoah! How many Google Play apps want to read your texts?
Google's app permissions far too lax – security firm survey
Chrome browser has been DRAINING PC batteries for YEARS
Google is only now fixing ancient, energy-sapping bug
Do YOU work at Microsoft? Um. Are you SURE about that?
Nokia and marketing types first to get the bullet, says report
Microsoft takes on Chromebook with low-cost Windows laptops
Redmond's chief salesman: We're taking 'hard' decisions
EU dons gloves, pokes Google's deals with Android mobe makers
El Reg cops a squint at investigatory letters
Big Blue Apple: IBM to sell iPads, iPhones to enterprises
iOS/2 gear loaded with apps for big biz ... uh oh BlackBerry
OpenWRT gets native IPv6 slurping in major refresh
Also faster init and a new packages system
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.