Oracle's erstwhile CFO, Greg Maffei, will soon take on the CEO job at investment company Liberty Media. The appointment, announced Wednesday, removes some of the mystery around Maffei's hurried departure from Oracle after working there for just four months.
Oracle announced Maffei's unexpected resignation last week after Wall Street analysts began publicly questioning Maffei's absence at industry events. Oracle said at the time that Maffei was departing for a "terrific professional opportunity." Maffei, who in June became Oracle's third co-president, reportedly left after personality conflicts with other top executives and the realization that he would not soon succeed Larry Ellison as Oracle's CEO. Maffei, a long-time Microsoft executive, spent five years as CEO of 360networks before joining Oracle.
Maffei will assume the CEO position at Liberty Media in mid-2006 after a transition period, the Englewood, Colorado, company said. He replaces John Malone, who will remain chairman. Maffei will also become the company's president, replacing retiring executive Robert Bennett.
Liberty is a holding company with a large portfolio of media investments and annual revenue of more than $7 billion. It has majority stakes in cable networks QVC, Starz and CourtTV, among others, and smaller stakes in businesses such as News Corp. and IAC/InterActiveCorp.
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