Oracle senior VP of sales resigns
PALO ALTO, Calif. (Reuters) - The Oracle Corp. (ORCL.O) executive in charge of sales to Latin America and major industries resigned late last week, a spokesman for the No. 2 software maker said on Tuesday.
Oracle Senior Vice President Sebastian Gunningham told the company on Thursday that he would stay with the database giant until its fourth quarter ends May 31, Jim Finn, Oracle's vice president of worldwide public relations, told Reuters.
Gunningham's departure is the latest for the Redwood Shores, California-based company, which has lost several key executives since mid-2000.
Gunningham -- who ran the company's Latin American headquarters in Miami -- also picked up responsibilities for Oracle's product industries division when Executive Vice President Edward "Sandy" Sanderson took a leave for health reasons in August 2001. Oracle's product industries division is responsible for sales to high tech, automotive, retail, aerospace and other industries.
Finn said Gunningham's resignation was a "lifestyle change to cut back on travel" and added that the departing executive had signed on with a small software shop in Miami.
George Roberts, Oracle's executive vice president for North American sales, will assume Gunningham's product industries responsibilities. With the change, Roberts will oversee 75 percent of the company's North American sales and administration, Finn said.
Luiz Meisler, Oracle's senior vice president for Latin America, will now report directly to Oracle Chairman and Chief Executive Larry Ellison rather than to Gunningham, Finn added.
The company will not replace Gunningham.
Top ranks thin
Earlier this month, Oracle said Jeremy Burton, who held the company's No. 2 product marketing position, would join former Oracle Executive Vice President Gary Bloom at Veritas Software Corp.(VRTS.O)
Bloom was named Veritas' chief executive in November 2000.
In addition to Bloom, Sanderson and Burton, Oracle's president and chief operating officer Ray Lane, who often clashed with Oracle Chief Executive Larry Ellison, departed in July 2000.
Investors and analysts have expressed concern about the executive departures, saying that Oracle's senior ranks are thin.
Ellison has countered that he is firmly in control of the software giant, which has turned out many of Silicon Valley's top executives -- including Bloom, Siebel Systems Inc.(SEBL.O) Founder and Chief Executive Tom Siebel and PeopleSoft Inc.(PSFT.O) Chief Executive Craig Conway.
"These guys have been there for quite some time. They helped build the company," Credit Suisse First Boston analyst Brent Thill said.
"If things were as good as they should be, why would they be leaving?" Thill asked.
Oracle Shares finished Tuesday's regular Nasdaq session 39 cents lower at $10.04, off its year-high of $20.02.
Oracle's stock -- once a high-tech growth star -- is down 39 percent from a year ago. Siebel shares are down 51 percent year-on-year, while Veritas is off nearly 61 percent and PeopleSoft is down nearly 44 percent during that same time period.