Business software firm Oracle has announced that its chief financial offer Jeff Epstein has resigned from his post after two and a half years on the job.
His position is being filled by Oracle president and former CFO Safra Catz, who has three years of experience as the company’s CFO.
"Safra already has the long-standing confidence of our employees, our board and our shareholders," Oracle Chief Executive Larry Ellison said in a statement. "There is no more logical choice for CFO."
Catz has been serving as Oracle’s president since 2004 and has been on the company’s board since October 2001. Oracle failed to give a concrete reason about Epstein’s departure but analysts believe that it would have no impact on the company’s market standing.
Analysts, like Ellison, believe that Catz is the safest bet for CFO, having worked on the job from 2005 to 2008. Since the company’s presidents perform almost all the duties of a chief operating officer, it would be easier for Catz to take care of both her duties, as president and as CFO.
‘With Mark [Hurd] on board there was someone to carry some of that external load. I don't think Epstein's departure changes anything fundamental,” an analyst said in a statement to The Wall Street Journal.