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PeopleSoft's Board Gives CEO The Hook Amid Buyout Fight; Founder Takes Back Reins; Loss of confidence cited; stock rises 15% on view a deal is more likely now.(A)
Byline: J. BONASIA
PeopleSoft's struggle to stave off a hostile takeover by Oracle took a startling turn Friday morning when its board fired Chief Executive Craig Conway.
The company's board said it would replace Conway with Dave Duffield, PeopleSoft's founder and chairman, effective immediately. Duffield had handed off the CEO duties to Conway back in 1999.
The significance of the change was not immediately clear to analysts. Some thought it could ease Oracle's effort to buy PeopleSoft. Others think Duffield means to keep the company he founded independent.
In either case, the board clearly didn't feel Conway could handle the job. "There was a general concern with his leadership," said company spokesman Steve Swasey.
PeopleSoft officials insist that Oracle's advances did not bear on their firing decision.
On a conference call with analysts, the board blamed Conway's lack of strategic vision, said Donovan Gow of American Technology Research. He has a hold rating on PeopleSoft stock.
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