Oracle CEO Mark Hurd announced on Wednesday he was taking a leave of absence, stating he required “to spend time to focused on my health.”
Hurd, who shares the CEO post with Safra Catz, said in a declaration resolved to “all my buddies and associates at Oracle” that his ask for a medical leave has actually been granted by the Oracle board. Oracle did not disclose the specifics of Hurd’s health situation, or a timeline for his return to the function.
” Though we all worked hard together to close the first quarter, I’ve decided that I require to hang around concentrated on my health,” Hurd said.
Oracle shares slipped more than 5% in after-hours trading as the company also reported fiscal-first-quarter outcomes. Oracle reported a profit of $2.14 billion, or 63 cents a share, compared to a profit of $2.27 billion, or 57 cents a share for the year-ago period. Earnings edged greater to $9.22 billion from $9.19 billion. Adjusted earnings was 81 cents a share. Analysts were expecting 81 cents a share on earnings of $9.29 billion.
Oracle is likewise set to hold its annual OpenWorld convention in San Francisco next week.
Referring to Oracle creator and Chief Innovation Officer Larry Ellison, Hurd stated, “As you all understand, Larry, Safra, and I have actually worked together as a strong team, and I have great confidence that they and the entire executive management group will do a great job carrying out the amazing plans we will display at the upcoming OpenWorld. I enjoy Oracle and wish you all success throughout my lack.”
Ellison, who is also the company’s executive chairman, said in the statement: “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.”
Catz said Hurd was “extremely engaged with business through the end of our just completed Q1, and now Mark requires to concentrate on his health.”