Oracle Corporation announced that CEO Mark Hurd will take a leave of absence for health-related reasons without being specific.
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The disclosure, announced after the close of trading Wednesday, pushed the stock lower in the extended session.
Hurd addressed colleagues in a memo released by the company.
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.
Oracle founder, Larry Ellison, wished Hurd a speedy recovery while also assuring investors that the tech company is in good hands with Co-CEO Safra Catz.
"Mark has requested a leave of absence from Oracle to address some health related issues and we all wish him a speedy recovery.....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....
The company also released earnings, posting a profit of $2.13 billion or $0.63 cents, about 6 percent less than the same period a year ago. Revenue was $9.22 billion, little changed.