Oracle Sees Shake-up as CFO Resigns, Replaced by Catz (ORCL)

Oracle ORCL apparently saw this one coming. In a surprise move, Oracle Chief Financial Officer Jeff Epstein resigned today and the company was ready with a replacement. In a statement Monday afternoon, Oracle announced that president Safra Catz would take on the role of CFO, in addition to her current duties. "Safra already has the long-standing confidence of our employees, our Board and our shareholders," said Oracle CEO Larry Ellison. "There is no more logical choice for CFO." "The CFO function has reported to Safra for a number of years and she's acted as Oracle's CFO in the past. She has the full support of the Board," said Jeff Henley, Chairman of Oracle's Board of Directors. "On behalf of the Board, I'd also like to thank Jeff Epstein for his many contributions to the company during the past few years and wish him all the best for the future." Safra Catz joined Oracle Corporation in April 1999 and has been President since January 2004. She has been a member of Oracle's Board of Directors since October 2001. She previously served as the company's Chief Financial Officer from November 2005 to September 2008. Ms. Catz also serves as a non-executive Director of HSBC Group, a position she has held since May 2008. Oracle declined to comment further on the reasons for the management changes. In after-hours trading, Oracle's stock is currently down $0.43 to $34.40, a loss of 1.23%.