(Reuters) – Oracle Corp said on Wednesday Chief Executive Officer Mark Hurd would be taking a leave of absence due to health-related reasons, and the business software maker posted first-quarter revenue that missed Wall Street expectations.
Shares of Oracle were down nearly 5% in extended trading.
Oracle’s total revenue came in at $9.22 billion, falling short of estimates of $9.29 billion, according to IBES data from Refinitiv, indicating that company was struggling to make inroads into the highly competitive cloud computing market.
The company reported its quarterly results a day before its scheduled release.
“Though we all worked hard together to close the first quarter, I’ve decided that I need to spend time focused on my health,” Hurd said in a statement.
“At my request, the Board of Directors has granted me a medical leave of absence,” he added.
Chief Executive Officer Safra Catz and Oracle founder and Chief Technology Officer Larry Ellison will cover Hurd’s responsibilities during his absence.
Hurd was named Oracle co-president in September 2010, a month after he was ousted in a controversial fashion from Hewlett-Packard Co, where he had been chief executive since 2005. (reut.rs/2kfZh1Z)
Reporting by Arjun Panchadar in Bengaluru; Editing by Shailesh Kuber