Oracle Chairman Larry Ellison Resigns From Apple Computer Board

Oracle Apple Computer

"Larry has served Apple shareholders well as a director during the past five years," said Steve Jobs, Apple's CEO, said in a statement early Friday. "We're looking forward to benefiting from his counsel on an informal basis going forward."

Ellison said he would continue to offer advice to Apple management, "But my schedule does not currently allow me to attend enough of the formal board meetings to warrant a role as a director."

The announcement comes days after Oracle, a leading business software maker, reported a 33 percent drop in fiscal first-quarter profits and said its fortunes continued to sag as corporate America's technology malaise spread into Europe and Asia.

Ellison joined Apple's board in August 1997, shortly after Jobs returned as interim CEO of the then-faltering computer maker. Jobs, who co-founded Apple in 1976 but was ousted in 1985 during a bitter dispute, later dropped "interim" from the title.

With Ellison's departure, the Apple board is reduced to five members.

Shares of Apple gained 10 cents, to $14.68, in early Friday trading on the Nasdaq Stock Market.

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