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Oracle Financial Services Software

Rumors swirled Monday that Keith Block, Oracle's executive vice president of North America sales and consulting, had left the company he joined in 1986. He wrote instant messages that became public recently, in which he had criticized Oracle's hardware business and co-president Mark Hurd. Among other things, Block said Oracle "bought a dog" when it acquired Sun Microsystems for around $7.4 billion in 2009, according to news reports.


Oracle swept in with an announcement, reportedly three days ahead of schedule, that its total sales rose 1% to $10.92 billion while the three months ended May 31 compared to the same period last year. Without directly addressing the rumors, Hurd said on a conference call Monday that Oracle had asked Joanne Olsen, its senior vice president for cloud computing services, to run its North American applications business.

Oracle has shuffled its executive ranks more than once. In December 2009, Oracle's board member and president Charles Phillips told CEO Larry Ellison that he wanted to transition out of the company. Ellison asked him to stay on through the Sun integration, and in September 2010 the company announced his departure. At the time Ellison's buddy Hurd, faced with a sexual harassment lawsuit, left his job as CEO of Hewlett-Packard Co. to become president and director at Oracle in 2010. In October that year, Oracle said N.R.K. Raman resigned from the board and from his role as CEO of Oracle Financial Services Software Limited, to be replaced by Chaitanya M. Kamat. And at once Oracle's CFO Jeff Epstein resigned, afterwards which Oracle said in April 2011 that its president Safra Catz would add his CFO responsibilities to her own; she remains in this capacity.

Of course U.S. company statements are always vetted for their accuracy - with all the efficacy apparent in the system. And when a company openly implies that sexual harassment is okay, repeatedly gets into trouble with the law, and has executive-level shuffles, this doesn't necessarily mean it as well lies about financial performance. However even so, it might be safer to do business with others who have not had such problems.

More information: Seekingalpha