Exec admits affair with billboard woman

A co-president of software maker Oracle acknowledges he had an affair with a woman he was shown snuggling with on billboards in New York, Atlanta and San Francisco.

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Charles Phillips released a statement Thursday about his relationship with YaVaughnie Wilkins after blogs went abuzz over the mysterious billboards.

The statement says he had an "8½ year serious relationship" with Wilkins but it has ended, and his divorce proceedings began in 2008.

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Wilkins did not respond to calls for comment, and no one has taken credit for the billboards, which were taken down by Friday.

Phillips is a co-president of Oracle Corp. According to the company's Web site, he was appointed last year to President Obama's Economic Recovery Advisory Board.