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Oracle CEO Mark Hurd announces leave, stock declines



Mark Hurd, CEO of Oracle.

Mark Neuling | CNBC

Oracle said that Mark Hurd, one of the software vendor's two CEOs, is taking leave for health reasons, nine years after joining the Hewlett-Packard company. The stock fell in expanded trading following the announcement.

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

"Although we all worked hard to close the first quarter, I have decided that I need to spend time focusing on my health," Hurd, 62, said in a statement. He said the board granted the leave request.

Oracle released quarterly financial results while announcing Hurd's departure. Leaders will discuss the results with analysts at a conference call at 5:30 p.m. Eastern time.

Hurd joined Oracle in 201

0, after five years as CEO of Hewlett-Packard. Prior to that, he spent 25 years at NCR Corp., where he eventually became CEO. Hurd resigned from HP after allegations that he sexually harassed an independent consultant.

He was named CEO of Oracle, along with Catz, in 2014.

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

OpenWorld, the company's annual San Francisco user conference, is scheduled to begin next week. In the press release, Hurd said he is confident that "the entire corporate management team will do a fantastic job of executing the exciting plans we will showcase at the upcoming OpenWorld."

In a separate statement, Oracle reported fiscal surplus of 81 cents, excluding certain items, of $ 9.22 billion in revenue, which was roughly flat on a year-over-year basis. Revenue met the projections, while sales came only shy of the $ 9.29 expected by analysts polled by Refinitive. Nearly three-quarters of Oracle revenue now comes from cloud services and licensing support.

Oracle shares fell about 5% after closing. The share is up about 25% this year.

"Mark was extremely engaged in the business through the end of our just completed Q1, but now Mark needs to focus on his health," Catz said in the press release. [19659002] Hurd's leave comes after one of Oracle's top executives, Thomas Kurian, stepped down to become head of Alphabet's Google cloud business in 2018. Another executive, Amit Zavery, followed Kurian to Google earlier this year.

Hurd will continue to receive its benefits during the leave, Oracle said in a regulatory filing Wednesday. In fiscal year 2018, Hurd received $ 108.3 million in total compensation, mostly from $ 103 million in stock options, according to Oracle's latest power of attorney statement. In each of the previous two fiscal years, he earned around $ 41 million.

This is news. Please check back for updates.

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