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Mark Hurd, CEO of Oracle.
Mark Neuling | CNBC
Shares of Oracle fell 5% on Wednesday following the announcement by Mark Hurd, co-CEO, of his leave for health reasons. The company also announced profits one day earlier than expected.
Larry Ellison, founder and chief technology officer of Oracle, will take over Hurd's responsibilities alongside Safra Catz, the other co-CEO of Oracle.
"Although we all worked hard to close the first quarter, I decided to focus on health." At my request, the board of directors granted me sick leave, "Hurd told reporters. saying in a statement. "As you all know, Larry, Safra and I have worked together to form a strong team and I am confident that the executive management team will do a great job in executing the exciting plans we will present at the next edition of # 39; OpenWorld. "
Hurd joined Oracle in 2010, after five years at the helm of Hewlett-Packard. Previously, he spent 25 years at NCR Corp., where he eventually became CEO. Hurd resigned from HP after being accused of sexually harassing an independent consultant.
Ellison said he wished a speedy recovery to Hurd.
"Oracle has an extremely capable CEO within Safra Catz and an extraordinarily deep team of executives, many of whom are long-term employees at Oracle," Ellison said in a statement. Thomas Kurian, one of Oracle's top executives, was named to lead Google's cloud business by Alphabet in 2018, and another leader, Amit Zavery, took over from Kurian for Google earlier this year.
The company's shares have increased by about 25% since the beginning of 2019.
"Mark was extremely involved in the sector until the end of our first quarter, but Mark now needs to focus on his health," Catz said in a statement released Wednesday about the change. "We will miss him at our OpenWorld conference next week, but we understand that he has to rest and take care of himself."
Oracle did not immediately respond to a request for comment.
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WATCH: Watch CNBC's exclusive interview with Oracle Chairman Mark Hurd
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