Peoplesoft has confirmed the appointment of Craig Conway as its president and chief operating officer as widely predicted. (see earlier story)
Conway replaces current Peoplesoft president Dave Duffield who now becomes chairman and chief executive. Conway previously served as president and chief executive of interactive broadcasting industry player Onetouch Systems.
According to a prepared statement issued before markets opened, Peoplesoft said the move strengthens the company's management team as it extends its product line to the Internet, expands into new markets and introduces its new portal based strategy for electronic business, the Peoplesoft Business Network (PSBN).
"Peoplesoft now has the vision, the technology and the leadership to deliver a comprehensive solution for ebusiness," said Dave Duffield, Peoplesoft chairman and chief executive. "Craig brings experience in both enterprise software and Internet solutions, the ideal combination for taking Peoplesoft to the next level. I've greatly enjoyed working with him over the past month, and I know our employees and customers will too."
But analysts were left puzzled by the appointment. Although Conway had over eight years experience at Oracle in various marketing roles, his last position was as chief executive of broadband education vendor Onetouch, a business that was acquired last August by Apollo Group and Hughes Network Systems and which he left in February of this year.
Serge Wynen, independent applications analyst based in Brussels said, "Conway has a pedigree in startup organisations but he is certainly not a reassuring appointment at this time."
Meanwhile, Bruce Richardson, research director at Boston based AMR Research added, "Craig who? Never heard of him."
However, the markets seem moderately impressed. In early trading, Peoplesoft's shares were initially up to $16.75 from $16.19 last Friday before slipping back to $16.44.
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