Business software maker Oracle Corp. (ORCL) announced Monday that the ousted CEO of technology giant Hewlett-Packard Co. (HPQ) Mark Hurd has joined it as president and as a director. Hurd serves as co-president alongside Safra Catz and succeeded Charles Phillips, who resigned from the positions.
In his role, Hurd will report to Oracle CEO Larry Ellison, who has been his long time friend and had lashed out at HP's board for forcing Hurd to resign from his positions over sexual harassment allegations.
Ellison and Hurd have been close personal friends. With both being avid tennis players, they often plays tennis at Ellison's house in Silicon Valley.
Business-wise, Redwood City, California-based Oracle has been a close partner of HP and bundles enterprise software along with the large computing systems that HP sells to corporations. However, they became rivals after Oracle's acquisition of Sun Microsystems earlier this year.
"Mark did a brilliant job at HP and I expect he'll do even better at Oracle. There is no executive in the IT world with more relevant experience than Mark. Oracle's future is engineering complete and integrated hardware and software systems for the enterprise. Mark pioneered the integration of hardware with software when Teradata was a part of NCR," Ellison said in a statement.
In August, Hurd decided to resign from his positions as chairman and CEO of HP following an investigation by outside legal counsel and the General Counsel's Office, overseen by the Board, after a claim of sexual harassment by former actress and ex-HP contractor Jodie Fisher against Hurd and HP.
Though the investigation determined there was no violation of HP's sexual harassment policy, but did find violations of HP's Standards of Business Conduct. Hurd is said to have filed inaccurate expense reports for dinners Hurd had with Fisher in order to conceal the identity of Fisher.
Hurd's resignation abruptly ended his five-year stint at HP. He joined HP in early 2005 as chief executive officer and president following the ouster of Carly Fiorina, after spending 25 years at ATM maker NCR Corp. (NCR).
During Hurd's tenure, HP made three large acquisitions, Electronic Data Systems Corp. in 2008, 3Com Corp. in April this year and Palm Inc. in July.
Meanwhile, Phillips has been with Oracle since 2003. Before joining Oracle, Phillips was with Morgan Stanley (MS), a global investment bank. Prior to Wall Street, Phillips served as a Captain in the U.S. Marine Corps in the 2nd Battalion, 10th Marines.
ORCL closed Friday's regular trading session at $22.2, up $0.44 or 1.96% on a volume of 21.26 million shares, lower than the three-month average volume of 27.33 million shares. In the past 52-week period, the stock has been trading in a range of $20.10 to $26.63.
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