Oracle reportedly revealing 'key resignation' this week

Summary:UPDATE: Oracle shares are down after rumors circulated that executive vice president Keith Block is the one who will be exiting the company this week -- if he hasn't already.

It looks like a shuffle in the executive deck is in the cards for Oracle soon.

Banking and financial services group UBS is reporting that Oracle expected to announce a key resignation by Thursday. That's about all of the details available for now, but it gives us a few days to ponder who is out over at the Redwood Shores, Calif.-based corporation.

Thursday, June 21 is also the same day that Oracle is expected to announce fourth quarter earnings. The company is expected to report fourth quarter earnings of 78 cents a share on revenue of $10.9 billion.

However, Wall Street is already expressing doubt over the quarter ahead as hardware sales have been weak and software has been up and down.

Analysts have offered mixed predictions and commentary. Barclays analyst Raimo Lenschow pointed out that Oracle is facing economic concerns (especially due to a strong U.S. dollar), while Morgan Stanley analyst Adam Holt optimistically noted that almost 80 percent of Oracle’s operating income comes from existing customers, which would likely result in better-than-expected gains for new product cycles.

Thus, it looks like the change-up could fall along either of those channels. So we'll keep our eyes peeled, and check back for more on Thursday after the bell.

UPDATE: MarketWatch is reporting that Oracle shares are down after rumors circulated that executive vice president Keith Block is the one who will be exiting the company this week -- if he hasn't already.

Block has been singled out after critical messages sent out about the hardware division and over Oracle Corporation president Mark Hurd.

Earlier this month, Hurd appeared on stage alongside CEO Larry Ellison at the announcement of the Oracle Cloud, but MarketWatch's report suggests that there is plenty of in-fighting going on behind the scenes.

Hurd joined Oracle in 2010 following his scandal-ridden departure from his positions as chairman of the board, chief executive officer, and president at Hewlett-Packard.

UPDATE 2: Oracle reported fourth quarter earnings early on Monday afternoon, bumping up the announcement by a few days.

Related:

Topics: Oracle, Browser

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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