Oracle Makes PeopleSoft Board Friendly

With at least 75% of PeopleSoft's(PSFT Quote) shares in hand, Oracle(ORCL Quote) is moving quickly to take operational control of the rival software vendor.

On Thursday, Oracle announced in a filing with the Securities and Exchange Commission that Aneel Bhusri, Frank J. Fanzilli, Jr., Michael J. Maples and Cyril J. Yansouni resigned as directors of PeopleSoft. They were replaced by Safra Catz, Daniel Cooperman, Charles E. Phillips, Jr. and Harry L. You.

Similarly, Kevin T. Parker, co-president and CFO of PeopleSoft, and co-President W. Phillip Wilmington, were fired. They were replaced as co-presidents by Safra Catz and Charles E. Phillips, Oracle's co-presidents, and as CFO by Harry L. You, who holds that title for Oracle.

PeopleSoft CEO and founder Dave Duffield resigned earlier in the week.

Oracle expects to close the $10.3 billion merger in January. A spokeswoman for Oracle said that her company has been counting PeopleSoft revenue as its own since Dec. 29, and that the acquired company will not report the quarter on a standalone basis.