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Oracle taps Lockhart
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November 28, 2000: 5:18 p.m. ET
Former Clinton press secretary takes management post with software maker
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NEW YORK (CNNfn) - Oracle Corp. named former White House press secretary Joe Lockhart to its senior management team Tuesday.
 The former aide to President Clinton will report to Oracle Chairman and Chief Executive Larry Ellison and will be responsible for overseeing communications relating to the company's business strategy.
"I was looking for a new a new and a fresh challenge," Lockhart told CNNfn's Street Sweep. "So much has changed over the past five years I've been in Washington working for the president. It is a brand new world and there's nothing more exciting than the high-tech sector and no company was more exciting and more at the cutting edge than Oracle."
Lockhart said Oracle's high standing among tech companies and their ability to adapt to future changes were factors in his decision. (403K WAV or 403K AIFF)
In comparing Ellison to President Clinton, Lockhart said "both of them are people with great intellect, very engaging, very interesting to be around and have a real sense of where the country's going."
The high-profile appointment follows a series of high-level departures from Oracle's (ORCL: Research, Estimates) senior ranks, including most recently Vice President Gary Bloom, who left to take the helm at Veritas Software Corp. (VRTS: Research, Estimates) as its president and chief executive officer.
The defection of Bloom, who was regarded as the heir apparent to Ellison, sent Oracle shares tumbling in mid-November. Several Wall Street analysts reacted to the news by downgrading the stock's rating.
 Bloom's departure followed that of Raymond Lane, Oracle's president and chief operating officer, who resigned in July after months of speculation about his position.
Lockhart took over the White House press secretary's duties in 1998, landing in the middle of the Monica Lewinsky scandal. Prior to that, he served as a spokesman for Clinton's 1996 re-election campaign. Lockhart officially stepped down as press secretary in September to pursue opportunities in the private sector and spend more time with his family.
"Joe brings perspective and experience not commonly found in Silicon Valley companies," said Ellison. "In the last few years we have transformed Oracle Corporation into the leader in e-business. Joe will help us clearly and broadly communicate the benefits of e-business and e-government."
Shares of Oracle fell 47 cents to $22.66 in Nasdaq trading Tuesday Oracle taps Lockhart. 
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