Technology giant Oracle has hired as its new president Mark Hurd, the former chief executive of Hewlett-Packard, who resigned amid a scandal.
Hurd will replace Charles Phillips, who has resigned, Oracle said in a statement on Monday. Phillips was co-president alongside Safra Catz, who will remain.
Hurd is a close friend of Oracle CEO Larry Ellison, who had publicly disparaged HP's decision to oust Hurd, who resigned from HP on August 6 after a probe into sexual harassment allegations. HP said at the time Hurd filed inaccurate expense reports related to Jodie Fisher, a marketing contractor who worked for Hurd's office from 2007 through 2009.
"Mark did a brilliant job at HP and I expect he'll do even better at Oracle," said Oracle CEO Larry Ellison in a statement.
Shares of HP (HPQ) are down 13% since Hurd's resignation. Oracle is the world's third largest software maker and competes with HP as well as with IBM and SAP.
Small Cap Investing
Learn now to invest in small companies the right way.View Course »