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Oracle's executive loss will bring Bloom to Veritas

Oracle stock plummeted 14 per cent yesterday as news of the departure of second-in-command Gary Bloom was absorbed by the market.

By Joey Gardiner

Published: 21 November 2000 11:52 GMT

Bloom was widely tipped to become Oracle CEO Larry Ellison's successor and his exit saw almost $30bn wiped off the value of the database company.

Gary Bloom is to replace incumbent CEO of storage software company Veritas, Mark Leslie.

Oracle's shoot led a general slump in technology stocks yesterday, which even the beneficiary of Bloom's departure, Veritas, was unable to buck. Veritas shares were down 2.6 per cent yesterday to $107.25 on Nasdaq.

Bloom is thought to have left Oracle because he saw no clear route to becoming CEO. He was quoted on CNN yesterday as saying that Larry Ellison's position as CEO of Oracle was a limiting factor on his career.

Bloom's departure is the second high-profile executive departure to hit Oracle in recent months. COO Ray Lane resigned in June after a boardroom squabble with Ellison. In a statement on Friday, Oracle maintained it still had abundant management strength.

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