Oracle (ORCL) has hired former H-P (HPQ) chief Mark Hurd, a close friend of CEO Larry Ellison, as co-president and board member. The move comes a month after Hurd quit H-P and coincides with the simultaneous departure of Oracle’s co-president Charles Philips who had been with the company for seven years.
“Mark did a brilliant job at HP and I expect he’ll do even better at Oracle,” said Ellison in a statement on Monday. “There is no executive in the IT world with more relevant experience than Mark.”
Shares of H-P are down 13 percent since Hurd’s resignation, who is credited for more than tripling the co.’s profit by cutting costs and expanding beyond H-P’s core business of computers and printers.
Oracle, based in Redwood City, California, gained $1.26, or 5.50%, to $24.18, at 10:43 a.m. New York time, while H-P shares were off 0.87%, or 35 cents, to $39.99.