Tuesday, October 30, 2007

NetSuite says Ellison to transfer stock | CNET News.com

Hmm -- near-term state change for NetSuite?...

Ellison, co-founder and chief executive of giant software company Oracle, currently holds about 74 percent of NetSuite through an affiliate company and family trusts in his son's and daughter's names, and would have had majority control after its IPO, including the right to make key decisions, raising conflict of interest concerns.

Under revised terms laid out in Tuesday's filing, Ellison will transfer the 61 percent stake held by affiliate Tako Ventures into the lockbox company, and will lose the ability to appoint directors to the company's board after NetSuite's IPO.

NetSuite says Ellison to transfer stock | CNET News.com

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