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Oracle CEO Mark Hurd taking medical leave of absence

Stock falls as much as 4% after news

(CNN) - Oracle has announced that one of its top executives will take a leave of absence for health related reasons.

Mark Hurd said in a company statement on Wednesday that the leave was granted at his request. Hurd has been a chief executive and board director at the tech company since 2010. He serves alongside Safra Catz, who is also CEO.

Hurd had been responsible for overseeing Oracle's sales and marketing, consulting and Oracle's "industry-specific global business units," according to the company's most recent proxy statement. Catz and Larry Ellison, Oracle's founder and chief technology officer, will oversee Hurd's duties during his absence. The company did not give a more specific reason or expected time frame for the leave.

"We all wish him a speedy recovery," Ellison said. "Oracle has an extremely capable CEO in Safra Catz and an extraordinarily deep team of executives, many with long tenure at Oracle."

Oracle stock fell as much as 4% in after hours trading following the news.

The news came at the same time as Oracle's quarterly earnings release, announced in a separate statement. Total revenue for the three months ending in August were up 2%, buoyed by growth in its key cloud services division, while its other areas of business saw sales dip. It also came one week ahead of when Oracle's annual event to showcase its technology, OpenWorld, is scheduled to take place in San Francisco.

Hurd joined Oracle in 2010 one month after resigning from his post as CEO of Hewlett-Packard over sexual harassment allegations. HP said in a regulatory filing at the time that an outside investigation of the claims "determined that there was no violation of HP's sexual harassment policy, but did find violations of HP's Standards of Business Conduct."

Hurd will continue receiving employment benefits during his leave, Oracle said in a filing with the SEC Wednesday.


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