Business Context and Reporting Period
This Form 8-K Current Report was filed by Oracle Corporation on April 25, 2011. The filing addresses Item 5.02 regarding the departure of a Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to executive compensation:
- Resignation Payment: $800,000 paid to the departing CFO, representing the approximate pro rata amount of his potential cash bonus for fiscal 2011.
Material Changes
The primary material change reported is the leadership transition within the finance function:
- Departure: Jeff Epstein, Executive Vice President and Chief Financial Officer, resigned effective April 25, 2011.
- Appointment: Safra A. Catz, President of Oracle, was appointed Chief Financial Officer effective April 25, 2011.
Management Commentary and Risks
Management explicitly stated that Mr. Epstein's resignation is not related to any disagreement with Oracle's accounting or operating policies or practices. Ms. Catz brings significant prior experience to the role, having previously served as CFO from November 2005 to September 2008 and as Interim CFO from April 2005 to July 2005. No other risks, contingencies, or unusual items were disclosed in this report.
Investor Verification Checklist
- Confirm the effective date of the CFO transition (April 25, 2011).
- Verify the total compensation package for the departing CFO ($800,000 pro rata bonus).
- Review Ms. Catz's prior tenure as CFO to assess continuity of financial strategy.
- Check for any subsequent filings regarding the Resignation Agreement or release of claims.