Oracle loses top development exec - source

BOSTON (Reuters) - An Oracle Corp executive who supervised one of the software maker's biggest development efforts in its 32-year history has resigned from the company, according to a source familiar with the matter.

Senior Vice President of Application Development Ed Abbo will leave the world's third-largest software maker as of June 30, according to the source, who was not authorized to publicly discuss the matter.

Abbo could not be reached for comment. His assistant referred a Reuters reporter to an Oracle spokesperson, who declined comment.

He has supervised development of Oracle Fusion Apps, the most ambitious upgrade to the company's business management software suite since it was founded.

Chief Executive Larry Ellison said during an earnings conference call on Tuesday that developers had finished writing code for the suite after years of work on the project and that he expected to start selling the product next year.

Shares in the Redwood City, California-based company, whose Fusion Apps will compete with products from Germany's SAP AG, rose 8 percent to $21.50.

Its shares rallied after reporting quarterly results ahead of Wall Street projections late on Tuesday.