Ray Lane, Oracle's No. 2 Executive, Will Step Down, Software Giant Says
BY MARK BOSLET
Dow Jones Newswires
PALO ALTO, Calif. -- Ray Lane, Oracle Corp.'s No. 2 executive, will leave his posts at the software giant, the company announced late Friday.
Oracle didn't offer a reason for Mr. Lane's departure as chief operating officer and president, but said he will remain a member of the board. A spokeswoman didn't return calls seeking comment, and Mr. Lane couldn't be reached.
Mr. Lane is widely credited with bringing the company back from a crisis, in which Oracle had inappropriately booked software sales. After joining the company in 1992, he brought professional standards to the company's sales organization and was responsible for creating its service business.
In addition, the company credits Mr. Lane with helping augment Oracle's annual revenue from about $1 billion in 1992 to about $9.7 billion currently.
Mr. Lane has been considered among Silicon Valley's most eligible top executives and was believed to have been considered for top posts at such companies as Hewlett-Packard Co. and Novell Inc.
Rumors of Mr. Lane's departure have circulated for about nine months, and analysts said his departure was expected.
Robert Austrian, an analyst at Bank of America Securities, said Chief Executive Officer Larry Ellison is "back in the cockpit" running the business.
In a brief statement, Mr. Ellison said he was grateful to Mr. Lane.
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