Interesting, perhaps you are close to the future. The media bright lights will be on the sector on Mon....
Oracle veteran leaves for software company Veritas
By Scott Ard and Dawn Kawamoto
Staff Writers, CNET News.com
November 17, 2000, 2:35 p.m. PT
update Gary Bloom, an Oracle executive who was widely believed to be on a short list of possible successors to CEO Larry Ellison, on Friday was named president and chief executive officer of Veritas Software.
As executive vice president of the system products division, Bloom ran Oracle's database business and led its Internet and e-business efforts. He had worked at the company for 14 years.
Oracle shares tumbled nearly 15 percent after word of Bloom's departure reached investors. In regular trading, Oracle stock closed at $28.81, up $1.44 for the day. In after-hours trading, however, the shares slipped to $24.75, according to IslandECN, an electronic network that tracks late trades.
Meanwhile, Veritas' shares closed down nearly 9 percent, or $10.81, to $110.19 Friday as the company notified Wall Street it would have an announcement later in the day. In after-hours trading, Veritas shares rose to $114.50 on Island.
Bloom’s departure from Oracle follows the June resignation of president Ray Lane, who has since joined powerful Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.
As Ellison’s likely heir apparent, Lane’s departure sparked speculation about other possible successors.
"Oracle is clearly under Larry's leadership," Bloom said, noting that Ellison is expected to serve in that role in the foreseeable future. "There's an incredible management team at Oracle...and world-class executives that helped me look good."
He added that despite his departure, Oracle's operations will continue to run smoothly because the executives who report to him run their business on a "self-sustaining basis."
Veritas, a business software solutions provider, has been quietly seeking a new CEO for the past six months. Mark Leslie, Veritas chief executive and chairman, will be giving up his CEO role, but will remain as chairman. |
