Hurd led the company's rocky transition into cloud computing as he looked to compete with industry giants Amazon and Google.
stock fell as much as 6% on Thursday after the company said co-CEO Mark Hurd would take a leave of absence for health reasons.
Company founder and chief technology officer Larry Ellison will assume Hurd's responsibilities alongside his co-CEO Safra Catz. The announcement didn't detail Hurd's health issues or when he would return. "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 said in aHurd served as chief executive for five years and was responsible for Oracle's sales organization, advertising and software groups. He first joined the company as president in 2010, after having served as CEO ofMarkets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.
The announcement came at the same time as Oracle's fiscal first-quarter earnings results. The company announced earnings per share of $0.81, beating analysts' $0.807 estimate. Revenue didn't meet expectations, with Oracle bringing in $9.22 billion compared to analysts' $9.29 billion estimate.
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