- Oracle CEO Mark Hurd is taking a leave of absence, saying he needs “to spend time focused on my health.”
- Oracle shares fell more than 5% as the company also reported fiscal-first-quarter results.
- Oracle founder Larry Ellison and CEO Safra Catz offered their support to Hurd. Catz said Hurd was “extremely engaged with the business through the end of our just completed Q1, but now Mark needs to focus on his health.”
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Oracle CEO Mark Hurd announced on Wednesday he was taking a leave of absence, saying he needed “to spend time focused on my health.”
Hurd, who shares the CEO post with Safra Catz, said in a statement addressed to “all my friends and colleagues at Oracle” that his request for a medical leave has been granted by the Oracle board.
“Though we all worked hard together to close the first quarter, I’ve decided that I need to spend time focused on my health,” Hurd said.
Oracle shares slipped more than 5% in after-hours trading as the company also reported fiscal-first-quarter results. Oracle reported a profit of $2.14 billion, or 63 cents a share, compared with a profit of $2.27 billion, or 57 cents a share for the year-ago period. Revenue edged higher to $9.22 billion from $9.19 billion. Adjusted income was 81 cents a share. Analysts were expecting 81 cents a share on revenue of $9.29 billion.
Oracle is also set to hold its annual OpenWorld convention in San Francisco next week.
Referring to Oracle founder and Chief Technology Officer Larry Ellison, Hurd said, “As you all know, Larry, Safra, and I have worked together as a strong team, and I have great confidence that they and the entire executive management team will do a terrific job executing the exciting plans we will showcase at the upcoming OpenWorld. I love Oracle and wish you all success during my absence.”
Ellison, who is also the company’s executive chairman, said in the statement: “Oracle has an extremely capable CEO in Safra Catz and an extraordinarily deep team of executives, many with long tenure at Oracle. Safra and I will cover Mark’s responsibilities during his absence with support from the rest of our strong management team.”
Catz said Hurd was “extremely engaged with the business through the end of our just completed Q1, but now Mark needs to focus on his health.”
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