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Oracle CEO Mark Hurd announces leave of absence, stock drops

Mark Hurd, CEO of Oracle.

Mark Neuling | CNBC

Oracle shares fell as a lot as 5% on Wednesday after the corporate stated that co-CEO Mark Hurd is taking a go away of absence for well being causes. The corporate additionally reported earnings someday sooner than anticipated.

Larry Ellison, founder and chief know-how officer of Oracle, will deal with Hurd’s tasks together with Oracle’s different co-CEO, Safra Catz.

“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,” Hurd was quoted as saying in a press release. “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.”

Hurd joined Oracle in 2010, following 5 years as CEO of Hewlett-Packard. Earlier than that he spent 25 years at NCR Corp., the place he in the end turned CEO. Hurd resigned from HP after allegations that he sexually harassed an impartial marketing consultant.

Ellison stated he needs Hurd a speedy restoration.

“Oracle has an extremely capable CEO in Safra Catz and an extraordinarily deep team of executives, many with long tenure at Oracle,” Ellison stated within the assertion. One in all Oracle’s prime executives, Thomas Kurian, left to turn into head of Alphabet’s Google cloud enterprise in 2018, and one other govt, Amit Zavery, adopted Kurian to Google earlier this yr.¬†

The corporate’s shares are up about 25% for the reason that starting of 2019.

“Mark was extremely engaged with the business through the end of our just completed Q1, but now Mark needs to focus on his health,” Catz is quoted as saying in Wednesday’s assertion on the change. “We will miss him at our OpenWorld conference next week, but we understand that he needs to rest and take care of himself.”

Oracle did not instantly reply to a request for remark.

That is breaking information. Please verify again for updates.

WATCH: Watch CNBC’s unique interview with Oracle CEO Mark Hurd

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