Former HP CEO Mark Hurd Joins Oracle as President
REDWOOD SHORES, Calif. -- Oracle today announced that Mark V. Hurd has joined Oracle as president and has been named to Oracle’s Board of Directors. Hurd will report to Oracle CEO Larry Ellison.
Hurd, the former Hewlett-Packard Chief Executive Officer, who resigned from HP in August, will replace Charles Phillips. Oracle announced that Phillips has resigned as president and director. Hurd, left HP last month after the company said he violated standards of business conduct, will serve at Oracle alongside Oracle President Safra Catz.
According to a September 7 Bloomberg article, while at HP, Hurd more than tripled profit by cutting costs and expanding beyond the company’s core business of computers and printers. He oversaw an acquisition spree of more than $20 billion, letting the company branch out into services, networking equipment and smartphones.
“Mark did a brilliant job at HP and I expect he’ll do even better at Oracle,” Ellison said in a statement. “There is no executive in the IT world with more relevant experience than Mark.”
On September 7, Oracle's shares rose $1.55, or 6.8 percent, to $24.47, adding $7.8 billion to the company’s market value. It jumped as much as 7.7 percent, the most since December. According to Bloomberg, before September 7, the shares had dropped 6.6 percent this year.
Read the Bloomberg Article
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