PeopleSoft hits out at Oracle's move to expand board of directors

PeopleSoft has responded to Oracle's announcement that it may nominate five individuals to PeopleSoft's board of directors and...

PeopleSoft has responded to Oracle's announcement 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 takeover attempt of the company.

"We believe that [Oracle chief executive officer] 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.

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

Martyn Williams writes for IDG News Service

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