PeopleSoft calls Oracle’s board nominees ‘biased’

PeopleSoft Inc. has responded to Oracle Corp.’s announcement Friday that it may nominate five individuals to PeopleSoft’s board of directors and call for the expansion of the board to nine members.

The nominations and board expansion, which Oracle said it will only attempt if PeopleSoft Director Michael Maples is not put up for election at the company’s annual shareholder meeting, are the latest twist in Oracle’s hostile take-over attempt of the company.

“We believe that (Oracle CEO) Larry Ellison’s attempt to gain control of PeopleSoft’s Board of Directors is solely to advance Oracle’s agenda and is not in the best interests of PeopleSoft’s stockholders,” said the statement, which was issued Saturday.

“We strongly believe that Ellison’s hand-picked, paid nominees are biased and would have irreconcilable conflicts of interest if elected to PeopleSoft’s board. Each nominee is receiving cash compensation and has signed an agreement with Oracle. We believe their ability to be independent is seriously compromised,” it said.

Oracle wasn’t available Saturday to repond to the charges.

Oracle’s nominees are Duke Bristow, economist at the UCLA Anderson School of Management; Richard Clemmer, president of Venture Capital Tech LLC and former CEO of Inc.; Roger Noall, former senior executive vice-president and chief administrative officer of KeyCorp; Laurence Paul, managing principal of Laurel Crown Capital LLC, and Artur Raviv, professor of finance at Kellogg Graduate School of Management, Northwestern University.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

Featured Articles

Stemming the tide of cybercrime

By: Derek Manky Technology continues to play a significant role in accelerating...

Power through a work-from-anywhere lifestyle with the LG gram

“The right tool for the right job” is an old adage...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now