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Deals and People December 29, 2004
PeopleSoft Chairman Resigns as Oracle Continues to Collect Shares
December 29, 2004 (PLANSPONSOR.com) - PeopleSoft
founder, chairman, and chief executive David Duffield has
resigned from his posts as Oracle begins to quickly take
control of the company.
Reported by Kip McDaniel
Duffield had served as PeopleSoft’s chairman since he helped found the company in 1987, and retuned following the departure of former chief executive Craig Conway (See Takeover Target PeopleSoft Announces Exec Reshuffle ). He had retired in 1999, according to the Wall Street Journal. It is not clear whether the company will appoint an interim chief before the company is taken over by Oracle.
PeopleSoft, in a regulatory filing, also stated that it has agreed to end the consulting contract with Vice Chairman Aneel Bhusri.
Meanwhile, Oracle is continuing to accrue shares of PeopleSoft, announcing another offering period starting on Wednesday and ending next Tuesday. Currently, the company has acquired about 75% of the company’s shares, giving it effective control of PeopleSoft, according to a company news release. The company has currently designated four representatives to the PeopleSoft board in place of members who have resigned, giving the company majority control.
If at least 90% of the outstanding shares of PeopleSoft are tendered before the end of the offering period, Oracle has stated that it expects to complete the merger quickly. Shares are being tendered at $26.50, according to Oracle.