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Mark Hurd, one of the two CEOs at the head of the Oracle database software giant, takes a leave for health reasons, he told the employees in a letter sent today. Oracle did not specify Hurd's health problem or the duration of his absence.
Hurd joined Oracle nine years ago, after spending five years with Hewlett-Packard, holding the positions of CEO, President and Chairman of the Board. All the roles he was forced to resign in 2010 after submitting inaccurate expense reports designed to mask At the time, he was termed a "close personal relationship" with a company that contributed to HP's marketing .
The news shocked many people from outside given Hurd 's performance, which saw HP' s stock double, although the board of directors hinted that it "s not enough. had little choice after the entrepreneur's lawyer, the famous lawyer Gloria Allred, contacted the company, accusing of sexual harassment. ("It was a necessary decision," said Marc Andreessen, then director.)
Hurd left with $ 12,224,693 in severance benefits. The following month, a friend of Hurd, Larry Ellison, named him co-president of Oracle, a company that Ellison had founded in the summer of 1977. He said that the CEO of the time , Ellison, had said: a brilliant job at HP and I think it will succeed even better at Oracle. There is no frame in the I.T. world with more relevant experience than Mark. "
Indeed, when Ellison stepped down from his Oracle CEO position in 2014 to become the company's technical director, he was promoted to CEO of Hurd, a position he has since shared with the former Oracle CFO, Safra Catz.
With the departure of Hurd for now, Catz will become the only CEO of Oracle. Ellison, who remains the company's CTO, is also expected to shoulder some of Hurd's responsibilities, CNBC said.
Hurd, a Baylor University tennis player in Waco, Texas, who would have played on the professional tennis circuit immediately after graduation, began his career at NCR Corp., where he was promoted to director. of exploitation 22 years ago. the company and the role of CEO the following year, in 2003.
Two years later, H-P brought him aboard.
In her statement today, Ellison tried to reassure Oracle investors, saying that "Oracle has an extremely capable CEO at Safra Catz and an extraordinarily strong team of leaders, many of whom occupy a long term position at Oracle ". at the end of our first quarter, but Mark must now focus on his health. "
Oracle released its quarterly financial results at the time of the announcement of Hurd's departure, revealing that he was slightly missing Wall Street's estimates. The stock, which fell 2.7% after normal trading hours, has reestablished at the time of writing this article.
This story is growing. In the meantime, Hurd's full note to employees is:
To all my Oracle friends and colleagues,
Although we all worked hard together to close the first quarter, I decided that I needed to spend time focusing on my health. At my request, the board of directors has granted me sick leave. As you all know, Larry, Safra and I have built a strong team and I am confident that they and the entire management team will do a great job in executing the exciting plans we will present at the next edition of OpenWorld.
I love Oracle and I wish you every success during my absence.
Mark
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