Oracle : CEO Hurd Taking Medical Leave--Update
By Sarah E. Needleman
Oracle Corp. said one of its chief executives, Mark Hurd, will take a medical leave from the company, leaving Safra Catz as sole CEO at the business-software giant.
Mr. Hurd said in a note to employees Wednesday that he requested the move to address health issues. Oracle didn't say what issues he may be facing.
Ms. Catz said Mr. Hurd was "extremely engaged" with business through the company's fiscal first quarter, which ended Aug. 31, but added that "now Mark needs to focus on his health." Mr. Hurd was among the Oracle executives slated to speak at the company's OpenWorld industry event next week in San Francisco.
An Oracle representative couldn't immediately be reached for further comment.
The news about Mr. Hurd's leave came as the business-software giant also released its first-quarter financial report a day earlier than anticipated and revealed plans to buy back an additional $15 billion in stock.
Shares in Oracle fell 4% in after-hours trading.
In the latest period, Oracle said its profit fell 6% to $2.13 billion, or 63 cents a share. On an adjusted basis, the company said its profit was 81 cents a share, in line with analysts' estimates, according to FactSet.
Revenue rose less than 1% to $9.22 billion.
Write to Sarah E. Needleman at email@example.com