Oracle's Larry Ellison is standing by his man, ex-Hewlett-Packard CEO Mark Hurd. Ellison, who was highly critical of HP's board of directors for showing Hurd the door over a seemingly minor expense-report infraction -- which came to light after a sexual-harassment charge that was later dropped -- has hired his friend to become one of Oracle's co-presidents.
In a press release, Oracle (ORCL) Chairman Ellison said: "Mark [Hurd] did a brilliant job at HP [HPQ] 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 already had two co-presidents, Charles E. Phillips Jr. and Safra A. Catz, but Philips is resigning, according to The New York Times.
Catz laid out a warm welcome for the incoming co-president, saying in a statement: "I look forward to working with him for years to come. As Oracle continues to grow we need people experienced in operating a $100 billion business."
Understanding Stock Market Indexes
What does it mean when people say "the market is up 2%"?View Course »