PeopleSoft, Inc. today announced that its Board of Directors has voted to appoint Dave Duffield, PeopleSoft's founder and chairman, as the company's chief executive officer. In addition, thecompany announced the appointment of Kevin Parker and Phil Wilmington as co-presidents and Aneel Bhusri as vice chairman of the Board. All of the changes are effective immediately.
These appointments followed the Board's decision to terminate Craig Conway as president and CEO of the company, effective immediately. The Board said its decision resulted from a loss ofconfidence in Mr. Conway's ability to continue to lead the company. All of these decisions received the unanimous vote of the independent directors. The Board would like to thank Mr. Conway for his contributions to PeopleSoft.
Speaking on behalf of the Board of Directors, A. George "Skip" Battle said, "The Board has asked Dave to assume the leadership of PeopleSoft. We are grateful and delighted that Dave will be guiding the Company with the innovative spirit and values upon whichPeopleSoft was founded.
"The Board has great confidence in Kevin Parker and Phil Wilmington operating as co-presidents. Kevin will be responsible for internal operations and remain chief financial officer, and Phil will assume responsibility for world wide field operations. As vice chairman, Aneel Bhusri will focus on our product and technology strategy. We believe all of these changes are in the best interests of our stockholders.
"I am excited to be returning to PeopleSoft on a full time basis and look forward to working with our strong, talented senior management team," said Dave Duffield. "My priority is to build on the core values on which this company was founded. We will focus on technology innovation, a relentless commitment to our customers, and a renewed drive to keep PeopleSoft a great place to work for all employees."
Kevin Parker, co-president and CFO, commenting on the company's preliminary results for the quarter ending September 30, 2004, said, "License revenues for the third quarter are expected to exceed $150 million. We have had great success with both new and existing customers. Our performance demonstrates PeopleSoft's continuing competitive strength and ability to perform."
Commenting on Oracle's tender offer, Mr. Battle noted that all decisions with respect to Oracle's tender offer have been made on the unanimous recommendation of the Transaction Committee of the Board. Members of the Transaction Committee of independent directors are Skip Battle, Frank Fanzilli, Steven Goldby, Michael Maples and Cyril Yansouni.
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