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Wall Street

by Mike Masnick

Tue, Dec 28th 2004 2:35pm





Dave Duffield Redefines Long Term As Less Than Three Months

from the no-need-to-stick-around dept

It's unlikely to surprise just about anyone, but Dave Duffield won't stick around to be a part of Oracle, now that the PeopleSoft deal is set. He apparently put in his resignation last week after just a couple months on the job. When he came in, following the firing of Craig Conway in October, many assumed he was brought in to sell the company to Oracle. He quickly claimed that he had no intention of selling to Oracle, which lasted less than two months before he agreed to sell to Oracle. Now that that's done, there's no reason for him to stick around. Apparently his statement: "I'm here for the long term," was open to interpretation. Of course, in an age when Wall Street judges a company's "long term" prospects based on their quarterly performance, perhaps this does meet the definition of long term these days.

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    Ken Adams, Dec 29th, 2004 @ 9:46pm

    You misrepresented the facts regarding PeopleSoft

    Well Mike, it's obvious that you don't understand how a hostile buyout of a public company can occur. The CEO can oppose it but the agreement to accept an offer is up to the board and that was exactly the case with PeopleSoft. PeopleSoft's CEO did not vote in agreement of the buyout, he simply and unfortunately had to reported the fact that the board of directors did agree to it.

     

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      Mike (profile), Dec 29th, 2004 @ 10:35pm

      Re: You misrepresented the facts regarding PeopleS

      Ken... sorry. Apparently those humor HTML tags are missing again. Calm down... the post was supposed to be humorous. Obviously it failed. My bad.

      I do very much understand how hostile takeovers work. That doesn't make it any less amusing to see a CEO come in and insist he was there for the long term and would stand up to the threat, only to have him pushed aside months later.

       

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      •  
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        Leslie, Feb 2nd, 2005 @ 4:10pm

        Re: You misrepresented the facts regarding PeopleS

        Mike, you also obviously don't know the character of Dave Duffield. Amusing - no. Had the money grubbing stock holders really understood the ramifications of their actions and thought with their heads and not their wallets, this take over would not have made it and then, yes, Dave would have been around for the long haul. He is an amazing man and before you throw insults his way, make sure you understand who your talking about. As it was said on the conference call to all the customers post take over, Dave was like Santa Claus and the Easter bunny all rolled into one, Larry is Darth Vadar.

         

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