CEO Mark Hurd to leave his position at Oracle to focus on health.
Oracle Corp. announced its Chief Executive Officer Mark Hurd will take a leave of absence for health-related reasons.
“Mark has requested a leave of absence from Oracle to address some health related issues and we all wish him a speedy recovery,” said Oracle Founder, Executive Chairman and Chief Technology Officer, Larry Ellison. “Oracle has an extremely capable CEO in Safra Catz and an extraordinarily deep team of executives, many with long tenure at Oracle. Safra and I will cover Mark’s responsibilities during his absence with support from the rest of our strong management team.”
According to Bloomberg, Oracle shares declined 4% in extended trading following the announcement of Hurd’s leave of absence, and after the company reported fiscal first-quarter sales that fell short of analysts’ projections. The stock had gained 1.5% to $56.29 at the close in New York. Oracle had been scheduled to report earnings on Thursday. In an email to employees included in the statement, Hurd said that he had confidence Catz, Ellison and the rest of the management team would do a “terrific job executing” the company’s plans during his leave.
PR Newswire shared the message that was communicated to Oracle employees today:
To all my friends and colleagues at Oracle,
Though we all worked hard together to close the first quarter, I’ve decided that I need to spend time focused on my health. At my request, the Board of Directors has granted me a medical leave of absence. As you all know, Larry, Safra and I have worked together as a strong team, and I have great confidence that they and the entire executive management team will do a terrific job executing the exciting plans we will showcase at the upcoming OpenWorld.
I love Oracle and wish you all success during my absence.