Oracle Grappled for Months Over Disclosure of CEO Hurd’s Illness
- Software executive takes leave of absence to focus on health
- Hurd has been in and out of public eye for more than a year
Oracle Corp. said Chief Executive Officer Mark Hurd is taking a leave of absence for unspecified health-related reasons, disclosing the move along with quarterly earnings on Wednesday afternoon.
The software company made the announcement a day earlier than the results were scheduled to be released, after Bloomberg News contacted Oracle in relation to a story about the executive’s health.
The company grappled for more than a year with one of the most harrowing dilemmas a corporation can face: when – and whether – to disclose a serious illness that has befallen a senior executive.
Hurd, one of the company’s two CEOs, is struggling with an illness that has occasionally taken him in and out of the public eye for more than a year, according to several people with knowledge of the matter. Management’s rationale for staying silent until now centered at least in part on the depth of Oracle’s leadership bench, said the people, who requested anonymity discussing an issue the company considers private.
Hurd, 62, shares the CEO title with Safra Catz, 57, a well-regarded 20-year company veteran, who previously served as finance chief and still oversees Oracle’s accounting, operations, legal and corporate development. Larry Ellison, the company’s septuagenarian co-founder, handed over the CEO reins five years ago, but has never strayed far from the helm. He chairs the board, orchestrates management changes and remains deeply involved in product oversight through his role as chief technology officer. Catz and Ellison will assume Hurd’s responsibilities during his leave of absence.