Home world Oracle CEO Mark Hurd to take a leave of absence for health reasons

banneraliexp

Oracle CEO Mark Hurd to take a leave of absence for health reasons

by ace
CNBC logo

Mark Hurd, CEO of Oracle.

Mark Neuling CNBC

Oracle said Mark Hurd, one of the software vendor's two CEOs, is on health leave nine years after joining Hewlett-Packard. Shares fell in extended trading after the announcement.

Larry Ellison, founder and chief technology officer of Oracle, will take care of Hurd's responsibilities along with Safra Catz, the other CEO. The company did not specify Hurd's health problem or say how long he would be absent and a spokesman did not immediately respond to a request for comment.

"Although we all work together to close the first quarter, I have decided that I need to spend some time on my health," said Hurd, 62, in an interview with Reuters. declaration. He said the board granted his license application.

Oracle released quarterly financial results at the same time as it announced Hurd's departure. Executives will discuss the results with analysts in a conference call at 5:30 pm. Eastern Time

Hurd joined Oracle in 2010 after five years as CEO of Hewlett-Packard. Prior to that, he spent 25 years at NCR Corp., where he finally became CEO. Hurd resigned from HP on charges that he sexually harassed an independent consultant.

He was named CEO of Oracle alongside Catz in 2014.

"Oracle has an extremely capable CEO at Safra Catz and an extraordinarily deep team of executives, many with a long tenure at Oracle," Ellison said in the statement. He wished Hurd a speedy recovery.

OpenWorld, the company's annual user conference in San Francisco, is scheduled to begin next week. In the press release, Hurd said he was confident that "the entire executive management team will do a great job executing the exciting plans we will present at the next OpenWorld."

In a separate statement, Oracle reported first-quarter fiscal income of 81 cents per share, excluding certain items, with revenue of $ 9.22 billion. Earnings met expectations, while sales were below the $ 9.29 expected by analysts consulted by Refinitiv. Nearly three-quarters of Oracle's revenue comes from cloud services and license support.

Oracle shares fell about 5% after the close. Inventory has risen about 25% this year.

"Mark was extremely involved in business by the end of the first quarter, but now Mark needs to focus on his health," Catz said in the press release.

Hurd's license comes after one of Oracle's top executives, Thomas Kurian, left to become head of Google's cloud business at Alphabet in 2018. Another executive, Amit Zavery, followed Kurian to Google earlier this year.

This is breaking news. Check again for updates.

WATCH: Watch CNBC exclusive interview with Oracle CEO Mark Hurd

.

bannerebay

DIVIDER1

Related Articles

Leave a Comment

18 − 16 =

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Top Services Available: Try Amazon HomeClose