Administration July 12, 2006

More Pink Slips at PeopleSoft

December 31, 2004 (PLANSPONSOR.com) - The bloodbath continues at HR software maker PeopleSoft, just a day after Oracle's contentious $10.3 billion takeover was concluded.
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The Oracle Corporation fired PeopleSoft’s co-president and chief financial officer, Kevin T. Parker, and three other top executives.

According to Bloomberg News, Oracle also terminated W. Phillip Wilmington, co-president; Nanci Caldwell, chief marketing officer; and James Shaughnessy, general counsel, effective December 30, according to a regulatory filing.   Word of co-founder and current PeopleSoft chairman David Duffield’s recent resignation surfaced earlier this week (see  PeopleSoft Chairman Resigns as Oracle Continues to Collect Shares).  

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Oracle, which is based in Redwood City, Calif., named its co-presidents, Charles E. Phillips Jr. and Safra A. Catz, and its chief financial officer, Harry L. You, to the PeopleSoft posts.

The 18-month hostile takeover bid by Oracle included a war of combative press releases and corporate board pronouncements as well as bitterly fought litigation.  The battle, which culminated in late October, with PeopleSoft’s capitulation at $26.50/share (see  Oracle, PeopleSoft Settle Takeover) ,  sparked three court cases, cost PeopleSoft CEO Craig Conway his job and took more than $1 billion in sales from PeopleSoft.  A sale also halts a legal battle in Delaware, where Oracle was trying to have PeopleSoft’s takeover defenses thrown out  (See  Oracle PeopleSoft Battle Set for Courtroom Return  ).

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