Oracle CFO exits as fight for Retek heats up
A busy time at Oracle HQ
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." ®