PeopleSoft ousts CEO

PeopleSoft Inc. officials said thier board of directors has ousted Craig Conway from the chief executive officer's job.

Conway has been one of the company's strongest opponents of a proposed $7.7 billion takeover bid from rival Oracle Corp.

In a statement, PeopleSoft officials said the board terminated Conway, who also served as company president, because of a "loss of confidence in Mr. Conway's ability to continue to lead the company." The vote to terminate him was unanimous, according to the statement.

Dave Duffield, PeopleSoft's founder and chairman, was named CEO to replace Conway. Two other company executives, Kevin Parker and Phil Wilmington, were named co-presidents.

George "Skip" Battle, speaking for the board, said that all decisions regarding Oracle's offer have been made by a Transaction Committee made up of board members.

Oracle had at one time offered $26 per share, or more than $9 billion, to PeopleSoft shareholders. The current offer is $21 per share, about $7.7 billion. PeopleSoft stock was trading at $21.65 per share today, up from yesterday's close of $19.85.