RealTime IT News

Oracle Hires New CFO

In the midst of its bid to acquire applications rival PeopleSoft, Oracle chose Harry L. You to fill the executive vice president and CFO position. The move allows his predecessor, CFO Jeff Henley, to focus on his role as chairman.

You comes to Oracle from consulting giant and long-time Oracle partner Accenture , where he had served as CFO since 2001 and oversaw the company's transition as a new public company.

Accenture said in a statement that Michael G. McGrath, its Capital Committee chairman, chief risk officer and former chief financial officer, will immediately succeed You as the company's CFO. McGrath served as Accenture's CFO from 1997 until immediately prior to Accenture's IPO in July 2001.

"Harry has served with distinction as CFO of Accenture, one of Oracle's premier commercial partners," Oracle CEO Larry Ellison said in a statement. "We are pleased about his joining our management team."

You said he anticipates his position will help strengthen the bond between Oracle and New York-based Accenture, which has 2,300 partners.

Before coming aboard Accenture, You worked as managing director in charge of the Computer and Business Services Group at Morgan Stanley, where he led a global team that guided professional firms from partnership structure to public ownership.

The hire frees Henley to focus on his role as chairman of the Oracle board of directors, a position he took over from CEO Larry Ellison last January. Henley had served as Oracle CFO for 13 years.

The move comes at a time when Oracle and PeopleSoft are deep in their legal battle in U.S. District Court in San Francisco. On Monday, Oracle reaffirmed its $7.7 billion bid for PeopleSoft.

Also on Monday, the federal judge presiding over the fate of Oracle's quest for PeopleSoft asked for a clarification from both parties before he renders his decision. District Judge Vaughn Walker issued an order suggesting that the "unilateral effects" of the proposed deal were not clearly stated in court.