Oracle CFO jumps ship to head BearingPoint

Oracle's CFO Harry You is leaving the company to become CEO of BearingPoint.

Oracle's chief financial officer plans to leave the company, two months after it acquired PeopleSoft and in the midst of a battle to acquire Retek.

Harry You, 45, will become the next chief executive officer (CEO) of services company BearingPoint, both Oracle and BearingPoint announced Thursday. You replaces interim BearingPoint CEO Rod McGeary, who will remain with the company as chairman of the board of directors.

You had worked for Oracle for just eight months. He replaced Jeff Henley in July when Henley became chairman of Oracle's board. BearingPoint was probably attracted to You's previous experience with fellow consulting firm Accenture, where You was also chief financial officer (CFO).

"We are proud of the numerous Oracle alumni that have gone on to become CEOs of enterprise software and IT service firms," said Oracle CEO Larry Ellison in a statement. "We wish Harry good fortune in his new job and look forward to partnering with him and BearingPoint for years to come."

Oracle co-president Safra Catz will also serve as acting CFO until a new person is identified to replace You, Oracle said. The company is scheduled to report its third-quarter earnings next Tuesday.

The departure comes as SAP and Oracle have become entangled in a bidding war for Retek, a retail software company. SAP's US$475 million initial bid for the company was countered by a US$504 million bid from Oracle in early March. On Thursday, SAP raised its offer to US$616 million, or US$11 a share.

BearingPoint on Thursday also announced that it will probably have to restate its financial results for the first three quarters of 2004 after identifying what it called "material weaknesses" related to its internal controls over financial reporting. As a result, the company was unable to file its annual report with the U.S. Securities and Exchange Commission by Wednesday's deadline, BearingPoint said in a separate release.

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