Oracle Corporation announced today that its president, Safra Catz will be taking over as chief financial officer in the wake of CFO Jeff Epstein's departure.

Catz's appointment follows the resignation of the company's current CFO, Jeff Epstein. The company did not say why Epstein, who joined Oracle in 2008, stepped down. Oracle said Catz's appointment is permanent and effective immediately.

Safra already has the long-standing confidence of our employees, our Board and our shareholders, said Oracle CEO Larry Ellison, in a statement. There is no more logical choice for CFO.

The CFO function has reported to Safra for a number of years and she's acted as Oracle's CFO in the past. She has the full support of the Board, said Jeff Henley, Chairman of Oracle's Board of Directors, in a statement. On behalf of the Board, I'd also like to thank Jeff Epstein for his many contributions to the company during the past few years and wish him all the best for the future.

Catz joined Oracle Corporation in April 1999 and has been president since January 2004. She has been a member of Oracle's board of directors since 2001. Catz has been in the CFO spot before, from November 2005 to September 2008.

Oracle's stock has been on a steady rise for the past year, from about $26 to $35 now. During that period the company has had to challenge SAP in the courts for illegally downloading Oracle software. SAP was ordered to pay $1.3 billion in November.

Oracle was also involved, indirectly, in the scandal surrounding the departure of Mark Hurd from Hewlett-Packard in August. Hurd left in the wake of allegations of wrongful conduct and sexual harassment. Less than a month after Hurd left HP Ellison appointed him co-president, to serve with Catz.

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