Bangalore: Oracle announced the appointment of Chaitanya M. Kamat (Chet Kamat) as Managing Director and Chief Executive Officer of Oracle Financial Services Software (OFSS), a majority owned subsidiary of Oracle and an integral part of the Oracle Financial Services Global Business Unit. In a statement to the BSE the company said that it has accepted the resignation tendered by N R Kothandaraman, its Former Managing Director and Chief Executive Officer as he decided to retire from the services of the company after 25 distinguished years with OFSS. Raman will continue his service as Executive Advisor until the end of the calendar year. Kamat has also joined the board of directors. "This is an exciting time for the industry and OFSS is well positioned with a broad product footprint and a differentiated, compelling, value proposition. I am pleased to join this team," said Kamat.