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(Reuters) – Oracle Corp announced Wednesday that chief executive, Mark Hurd, will be away for health related reasons. The management software maker published a first-quarter sales figure lower than Wall Street expectations.
Oracle shares lost nearly 5% in prolonged trading.
According to Refinitiv's IBES data, Oracle's total business figure amounted to $ 9.22 billion, a figure lower than the estimate of $ 9.29 billion. dollars, indicating that the company was struggling to penetrate the highly competitive cloud computing market.
The company released its quarterly results one day before the planned release.
"Although we all worked hard together to close the first quarter, I decided that I needed to devote time to my health," Hurd said in a statement.
"At my request, the board of directors has granted me sick leave," he added.
Chief Executive Officer Safra Catz and Oracle Founder and Chief Technology Officer Larry Ellison will cover Hurd's responsibilities during his absence.
Hurd was named co-president of Oracle in September 2010, a month after being controversially dismissed from Hewlett-Packard Co, where he had been managing director since 2005. (https://reut.rs / 2kfZh1Z)
(Report by Arjun Panchadar in Bengaluru, edited by Shailesh Kuber)
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