Oracle CEO to take leave of absence

Oracle Corporation speaks at the Wall Street Journal Digital conference in Laguna Beach

Oracle CEO Mark Hurd taking leave

Mark Hurd delivers a keynote address during the 2013 Oracle Open World conference on September 23, 2013 in San Francisco, California.

Oracle has announced that CEO Mark V. Hurd will take a leave of absence due to health related reasons.

Shares of Oracle (ORCL) were down almost 5% in extended trading. I love Oracle and wish you all success during my absence.

Hurd will continue to receive all employment benefits during his leave, Oracle said.

The news about Mr. Hurd's leave came as the business-software giant also released its first-quarter financial report a day earlier than anticipated and revealed plans to buy back an additional $15 billion in stock.

Ellison, who is also the company's executive chairman, said in the statement: "Oracle has an extremely capable CEO in Safra Catz and an extraordinarily deep team of executives, many with long tenure at Oracle".

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.

The miss indicated Oracle was struggling to make inroads into the highly competitive cloud computing market dominated by the likes of Microsoft Corp MSFT.O and Inc AMZN.O .

Got a tip about Oracle or another tech company? On an adjusted basis, the company said its profit was 81 cents a share, in line with analysts' estimates, according to FactSet. This is a 14.08% increase over earnings of 71 cents per share from the same period previous year.

Oracle shares fell 2.3% in Wednesday's after-hours session.

Buyback: The board adds $15B to the share repurchase program.

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