One of Oracle’s two CEOs is stepping down. Mark Hurd is taking a leave citing health reasons. Oracle’s stock dropped in the extended trading session after this announcement. Larry Ellison, Founder, and CTO of Oracle will assume responsibility for Hurd’s work along with CEO Safra Catz.
Hurd, who has previously worked with Hewlett Packard, joined Oracle nine years back. The company didn’t comment on the CEO’s health issues, or how much time he would be absent.
In a statement to Oracle employees, 62-year-old Hurd mentioned that all employees worked hard to close the first quarter. He said he needed time to focus on his health and that the board had approved his leave of absence.
Hurd’s leave and Oracle’s financial results were announced simultaneously. CEO Katz said that they’d planned to hold the announcement for the next day but felt the need to share the news because the company’s CEO was departing for health reasons.
Hurd has been at the helm of many companies. Hurd spent 25 years at NCR Corporation where he rose to the top post. At H.P. too, he served as the CEO before working for Oracle.
Hurd resigned from H.P. after he was accused of sexual harassment. Reacting to Hurd’s resignation from HP, Ellison wrote to the New York Times. He said that the H.P. board had made the worst personnel decision and compared it with Apple when founder Steve Jobs was once asked to step down as CEO. Hurd, who became CEO in 2014, has since been working with Catz. He was responsible for sales, marketing, support, consulting, and other business units.
Ellison said about Catz that she is a competent CEO. He expressed confidence in his executive team whose members have had a long tenure with Oracle. Hurd will receive his benefits during the leave of absence. In 2018, Hurd received $108.3 million in total compensation out of which about $103 million was in the form of option awards.