Mark Hurd#Resignation

Hurd was born in New York City, the son of Teresa A. (Fanoni), a debutante and Ralph Steiner Hurd, a financier.{{Cite web|url=https://traditioncare.com/tribute/details/798/Teresa-Hurd/obituary.html|title=Obituary of Teresa F. Hurd | Tradition Care Funeral Service|website=traditioncare.com}}{{Cite web|url=http://www.newspapers.com/newspage/450832723/|title=Daily News from New York, New York on November 30, 1950 · 889|website=Newspapers.com|date=November 30, 1950 }}{{cite news|url=https://business.financialpost.com/technology/oracle-co-ceo-mark-hurd-passes-away|title=Mark Hurd, Oracle CEO who led three tech companies, dies at 62|website=Financial Post|date=October 18, 2019|last1=Oster|first1=Patrick}} He graduated from The Browning School, in NYC in 1974.https://issuu.com/browningschool/docs/2010-11_buzzer_fall_winter].[issuu.com/browningschool/docs/2010-11_buzzer_fall_winter In 1979, Hurd graduated with a Bachelor of Business Administration from Baylor University in Waco, Texas. He received a tennis scholarship to attend Baylor University and was a member of Phi Delta Theta.{{cite news|url=https://www.sfgate.com/news/article/HP-taps-operational-genius-to-lead-the-way-2719382.php |work=San Francisco Chronicle |first=Benjamin|last=Pimentel|title=Mark Hurd has earned a name at Hewlett-Packard|date=March 30, 2005}}

Hurd spent 25 years at NCR Corporation, culminating in a two-year tenure as chief executive officer and president. He was named president of NCR in 2001 and was given additional responsibilities as chief operating officer in 2002. He began working for NCR as a junior salesman in San Antonio in 1980 after Rodney Gray hired him and subsequently held a variety of positions in general management, operations, and sales and marketing. He also was head of the company's Teradata data-warehousing division for three years.

File:Mark Hurd Stock Chart.png After the board forced chairman and CEO Carly Fiorina to resign in January 2005 over policy differences following the Compaq merger, executive vice president and CFO Robert P. Wayman became interim CEO for several months. Hurd was appointed permanent CEO and also held the title of President, a post which was not used by several of his predecessors (Michael Capellas was President of HP for a transitional period in 2002 after its merger with Compaq).

Hurd was also elected to the board of directors but unlike previous CEOs, he was initially not designated to be chairman of the board which was instead filled by a non-executive director. On September 22, 2006, Hurd succeeded Pat Dunn as board chairman after she resigned due to the pretexting controversy.{{cite web|last1=Wong|first1=Grace|title=HP's Dunn resigns from board|url=https://money.cnn.com/2006/09/22/technology/hurd_conference/|publisher=CNN|date=September 22, 2006|access-date=March 15, 2017}}

During his leadership, the company became the leader of the sale of laptop computers in 2006, and the leader in the sale of desktop computers in 2007. In 2008, it increased its market share in inkjet printers and laser printers to 46% and 50.5%, respectively.{{cite news |url=https://money.cnn.com/2009/02/27/news/companies/lashinsky_hurd.fortune/index.htm|title=Mark Hurd's moment|work=Fortune|last=Lashinsky|first=Adam|date=March 3, 2009|access-date=July 15, 2009}} In March 2009, Hurd forecast that HP's sales could drop as much as 5% that year, in the midst of the recession, but that its profit would increase by nearly 6%. Under Hurd's tenure, the company met Wall Street expectations in 21 out of 22 quarters and increased profits for 22 straight quarters, while its revenue rose 63% and stock price doubled.

While the merger of Hewlett-Packard and Compaq was heavily criticized back in 2002, Hurd managed to make the combined company execute successfully, something his predecessor Fiorina had failed to do.{{cite web|last1=Rosen|first1=Ben|author-link1=Benjamin M. Rosen|title=The Merger That Worked: Compaq and Hewlett-Packard|url=http://www.huffingtonpost.com/ben-rosen/the-merger-that-worked-co_b_95873.html|work=The Huffington Post|date=April 9, 2008|access-date=March 15, 2017}} The New York Times said Hurd had "pulled off one of the great rescue missions in American corporate history, refocusing the strife-ridden company and leading it to five years of revenue gains and a stock that soared 130 percent".{{cite news |url=https://www.nytimes.com/2011/09/22/business/voting-to-hire-a-chief-without-meeting-him.html |work=The New York Times | first=James B. |last=Stewart|title=Voting to Hire a Chief Without Meeting Him | date=September 22, 2011 | url-access=subscription}}

Hurd was said to have run HP "with a founder's authority. He was the de facto CEO, CFO, COO and head salesman".{{cite news|last1=Ricadela|first1=Aaron|last2=Vance|first2=Ashlee|author2-link=Ashlee Vance|title=Can Meg Whitman Reverse Hewlett-Packard's Free Fall?|url=https://www.bloomberg.com/news/articles/2013-01-10/can-meg-whitman-reverse-hewlett-packards-free-fall|newspaper=Bloomberg.com|date=January 11, 2013|access-date=March 8, 2017}} Hurd had a reputation for aggressive cost-cutting. He laid off 15,200 workers  — 10% of the workforce — shortly after becoming CEO. Other cost-cutting included reducing the IT department from 19,000 to 8,000, reducing the number of software applications that HP used from 6,000 to 1,500, and consolidating HP's 85 data centers to 6. During the 2009 recession, depending on job role Hurd imposed a temporary 5%, 10% or 15% pay cut on all employees and removed many benefits. He himself took a base salary pay cut of 20%, although the compensation committee increased his bonus by the same amount. Hurd's emphasis on short-term results and financial management, particularly cutting costs, taking the lead in the PC business, plus acquisitions (EDS and 3Com), were successful in raising profits and shareholder return. Detractors, however, viewed it as a continuation of empire building, which started with the acquisition of Compaq in 2002 several years before Hurd joined HP.

In 2007, while chairman and CEO at Hewlett-Packard, Hurd was named one of Fortune Magazine's 25 most powerful people in business.{{cite web|last1=Hurd|first1=Mark|title=25 most powerful people in business|url=http://archive.fortune.com/galleries/2007/fortune/0711/gallery.power_25.fortune/16.html|archive-url=https://web.archive.org/web/20140827040446/http://archive.fortune.com/galleries/2007/fortune/0711/gallery.power_25.fortune/16.html|url-status=dead|archive-date=August 27, 2014|publisher=Fortune|access-date=March 7, 2017}} In 2008, The San Francisco Chronicle named Hurd as CEO of the year.{{cite web|last1=Kim|first1=Ryan|date=April 20, 2008|title=Mark Hurd has earned a name at Hewlett-Packard|url=http://www.sfgate.com/business/article/Mark-Hurd-has-earned-a-name-at-Hewlett-Packard-3287281.php|access-date=March 7, 2017|publisher=SFGATE}} In 2009, Hurd was listed as one of Forbes' top gun CEOs.{{cite web|title=In Pictures: The Top Gun CEOs|url=https://www.forbes.com/2009/06/22/top-gun-ceos-intelligent-investing-survey_slide_10.html|work=Forbes|access-date=March 7, 2017}}

In 2008, Hurd's total compensation was $39,952,237, including a base salary of $1,450,000, stock award of $7,907,660, cash bonus of $23,931,882, and $662,695 in perquisites and other compensation.{{cite news |url=http://topics.nytimes.com/top/reference/timestopics/people/h/mark_v_hurd/index.html |work=The New York Times |title=Times Topics: Mark V. Hurd|access-date=July 15, 2009|first=Damon|last=Darlin}} It was the largest bonus of any CEO in 2008.{{cite news |url=https://www.nytimes.com/2009/04/05/business/05comp.html|work=The New York Times|title=The Pay at the Top| first=Kathryn |last=Jones |date=April 5, 2009| url-access=subscription}} In 2009, Hurd made a total of $24,201,448, including a base salary of $1,268,750, stock award of $6,648,092, cash bonus of $15,809,414 and $475,192 in benefits and other compensation.[http://www.equilar.com/CEO_Compensation/Hewlett-Packard_Mark_V._Hurd.php 2009 CEO Compensation Data for Mark V. Hurd] {{webarchive|url=https://web.archive.org/web/20100129103659/http://www.equilar.com/CEO_Compensation/Hewlett-Packard_Mark_V._Hurd.php |date=January 29, 2010 }}, Equilar

On August 6, 2010, Hurd resigned from all of his positions at HP, with the Board of Directors appointing CFO Cathie Lesjak as interim CEO.{{cite web|last1=Eule|first1=Alexander|title=HP's CEO Mark Hurd Resigns|url=http://blogs.barrons.com/techtraderdaily/2010/08/06/hps-ceo-mark-hurd-resigns/|publisher=Barron's|date=Aug 6, 2010|access-date=March 8, 2017}}{{cite web|last1=Albanesius|first1=Chloe|title=HP CEO Hurd Resigns Amidst Expense Report Scandal|url=https://www.pcmag.com/article2/0,2817,2367509,00.asp|publisher=PC Magazine|access-date=March 8, 2017}}{{cite web|title=Catherine Lesjak|url=https://www.bloomberg.com/profiles/people/5957510-catherine-a-lesjak|publisher=Bloomberg|access-date=March 8, 2017}} Hurd's decision was made after an investigation into whether Hurd violated HP's code of business conduct following claims made by former contractor Jodie Fisher. The investigation concluded that the company's sexual-harassment policy was not violated, but in the course of investigating the allegations, they found that Hurd had submitted inaccurate expense reports.{{cite web|last1=Madway|first1=Gabriel|title=Ex-HP CEO Hurd settled with contractor- sources|url=https://www.reuters.com/article/hp-hurd-idUSN0722629020100808|publisher=Reuters|date=Aug 8, 2010|access-date=March 8, 2017}}{{cite news|last1=Worthen|first1=Ben|last2=Tam|first2=Pui-Wing|title=H-P Chief Quits in Scandal|url=https://www.wsj.com/articles/SB10001424052748703309704575413663370670900|access-date=March 15, 2017|publisher=The Wall Street Journal}} Outside observers suggested the company's board of directors had made a poor decision and may have had mixed motives in requiring his resignation in order to mitigate negative publicity.{{cite web|last1=Tobak|first1=Steve|title=Oracle's Ellison: HP's Board Made Worst Mistake Since Apple Fired Jobs|url=http://www.cbsnews.com/news/oracles-ellison-hps-board-made-worst-mistake-since-apple-fired-jobs/|publisher=CBS News|date=Aug 10, 2010|access-date=March 8, 2017}}{{cite news|last1=Vance|first1=Ashlee|title=Oracle Chief Faults H.P. Board for Forcing Hurd Out|url=https://www.nytimes.com/2010/08/10/technology/10hewlett.html|work=The New York Times|date=Aug 9, 2010|access-date=March 8, 2017}}{{cite news|last1=Nocera|first1=Joe|date=September 10, 2010|title=H.P.'s Blundering Board|work=The New York Times|url=https://www.nytimes.com/2010/09/11/business/11nocera.html|access-date=March 8, 2017}} Fisher herself expressed regrets at the outcome.{{cite web|last1=Lublin|first1=Joann S. |last2=Worthen|first2=Ben|title=Mark Hurd Neglected to Follow H-P Code |url=https://www.wsj.com/news/articles/SB10001424052748704268004575417800832885086 | work=The Wall Street Journal | date=August 8, 2010}}

File:Mark Hurd talks to Maria Bartiromo.jpg in 2013]]

On September 6, 2010, Hurd was named president of Oracle Corporation alongside Safra A. Catz, succeeding former president Charles Phillips.{{cite web|last1=Meyers|first1=Michelle|last2=Kerstetter|first2=Jim|date=September 6, 2010|title=Oracle hires former HP CEO Hurd as president|url=https://www.cnet.com/news/oracle-hires-former-hp-ceo-hurd-as-president/|access-date=March 10, 2017|publisher=CNET}} Hurd was also appointed a member of the Oracle Corporation board of directors. Hurd and Catz were appointed by then-CEO Larry Ellison.{{cite web|last1=Schaefer|first1=Steve|date=September 7, 2010|title=Ellison Backs Up Tough Talk, Oracle Hires Hurd|url=https://www.forbes.com/sites/steveschaefer/2010/09/07/ellison-backs-up-tough-talk-oracle-hires-hurd/2/#32389c643e82|access-date=March 10, 2017|work=Forbes}}{{cite news |last1=Vance|first1=Ashlee|title=Oracle Chief Faults H.P. Board for Forcing Hurd Out |url=https://www.nytimes.com/2010/08/10/technology/10hewlett.html| work=The New York Times | date=August 10, 2010}}{{cite web| title=Oracle Hires Mark Hurd as President| url=http://www.oracle.com/us/corporate/press/170532 |publisher=Oracle|access-date=March 10, 2017}} HP then sued Hurd, claiming he would violate agreements to protect HP's secrets by assuming that high-level role at Oracle; the lawsuit was settled two weeks later, with Hurd giving up about half the compensation owed him by HP.{{Cite news|last1=Vance|first1=Ashlee|last2=Kopytoff|first2=Verne G.|date=2010-09-20|title=H.P. Settles Lawsuit Against Hurd|language=en-US|work=The New York Times|url=https://www.nytimes.com/2010/09/21/technology/21hewlett.html|access-date=2020-08-02|issn=0362-4331}}

Hurd revamped the company's sales department in 2013, a process that had initially started two years prior. Hurd changed the compensation for Oracle's salespeople in order to sell more hardware, hired additional salespeople, and reduced the number of accounts covered by each salesman. In April 2013, he reported that the number of salespeople had increased by 4,000.{{cite web|last1=Bort|first1=Julie|date=September 17, 2013|title=The Moment of Truth: It's Crunch Time For Oracle And Mark Hurd|url=http://www.businessinsider.com/oracle-sales-force-changes-2013-9|access-date=March 10, 2017|publisher=Business Insider}} His plans to revamp initially faced flak from veteran salespeople, some of whom left Oracle to work for competitors.

In 2013, Hurd launched the “Class Of” program to hire thousands of college graduates and groom those graduates to become salespeople, helping to sell Oracle's cloud. His idea was inspired by a dinner he had with his daughter and her friends who recently graduated from college. As a result of the program's success and plans for expansion, the company built a new campus in Austin, Texas, to house employees that were part of Hurd's "Class Of" program.{{cite web|last1=Bort|first1=Julie|date=October 2, 2016|title=How Oracle turned a program that salesmen hated into one of its secret weapons|url=http://www.businessinsider.com/oracle-class-of-program-college-recruiting-mark-hurd-2016-9|access-date=March 10, 2017|publisher=Business Insider}}{{cite web|last1=Galligan|first1=Jude|date=May 19, 2016|title=Oracle moving fast to start construction in Austin|url=http://austin.towers.net/oracle-moving-fast-to-start-construction-in-austin/|access-date=March 10, 2017|publisher=Towers}} Hurd reported in 2015 that Oracle recruits 1,300 students each year.{{cite web|last1=Ryan|first1=Greg|title=Oracle CEO Mark Hurd: 'It's hard to get people to come to Boston' |url=https://www.bizjournals.com/boston/news/2015/04/23/oracle-ceo-mark-hurd-it-s-hard-to-get-people-to.html | work=American City Business Journals | date=April 23, 2015}}

On September 18, 2014, Ellison announced he was stepping down as CEO of Oracle, with Hurd and Catz becoming co-CEOs.{{cite web|last1=Rosenfeld|first1=Everett|title=Oracle CEO Larry Ellison steps down, Catz and Hurd named CEOs|url=https://www.cnbc.com/2014/09/18/oracle-ceo-larry-ellison-steps-down-will-be-replaced-by-mark-hurd-and-safra-catz.html| work=CNBC| date=September 18, 2014}}{{cite web |last=Guynn|first=Jessica |title=Meet the new co-CEOs of Oracle: Mark Hurd and Safra Catz |url=https://www.usatoday.com/story/tech/2014/09/18/mark-hurd-safra-catz-oracle/15845493/| work=USA Today | date=September 18, 2014}} Hurd was given control of sales, service, and marketing departments, while Catz was to oversee operations, legal, and finance departments.{{Cite web|last=Guynn|first=Jessica|date=September 18, 2014|title=Meet the new co-CEOs of Oracle: Mark Hurd and Safra Catz|url=https://www.usatoday.com/story/tech/2014/09/18/mark-hurd-safra-catz-oracle/15845493/|access-date=2019-10-22|website=USA Today|language=en-US}}

Under Hurd, Oracle accelerated its focus on cloud technology and modernized its legacy software to compete with smaller cloud-based firms.{{cite news | last1=Hardy | first1=Quentin|title=Mark Hurd, Oracle's Master Salesman, Wants Your Business | url=https://bits.blogs.nytimes.com/2013/10/02/mark-hurd-oracles-master-salesman-wants-your-business/ | work=The New York Times| date=October 2, 2013}} In 2016, Hurd said that Oracle's cloud business had grown 82% between 2015 and 2016 as well as invested $5.1 billion into research and development in improving its cloud services.{{cite web |last1=Vanian|first1=Jonathan |title=Here's What Oracle CEO Mark Hurd Says About Keeping Up With Amazon |url=http://fortune.com/2016/09/19/oracle-mark-hurd-cloud/ |publisher=Fortune| date=September 19, 2016}}

Oracle acquired several cloud-based companies in 2016 under Hurd, including SaaS enterprise resource planning company NetSuite, Textura cloud services for the engineering and construction vertical, cloud-based warehouse management application company LogFire, and Opower, a provider of cloud services to the utilities industry.{{Cite web|url=https://venturebeat.com/2016/09/06/oracle-acquires-cloud-based-warehouse-management-company-logfire/|title=Oracle acquires cloud-based warehouse management company LogFire|date=2016-09-06|website=VentureBeat|language=en-US|access-date=2019-10-22}}{{cite web|last1=Boulton|first1=Clint|date=August 15, 2016|title=10 acquisitions driving Oracle's cloud strategy|url=http://www.cio.com/article/3107249/cloud-computing/10-acquisitions-driving-oracles-cloud-strategy.html|access-date=March 10, 2017|publisher=CIO|archive-date=March 5, 2017|archive-url=https://web.archive.org/web/20170305025400/http://www.cio.com/article/3107249/cloud-computing/10-acquisitions-driving-oracles-cloud-strategy.html|url-status=dead}}

Mark Hurd married Elizabeth A. Butler on August 23, 1980;{{Cite news |url=https://www.newspapers.com/article/austin-american-statesman-marriage-of-bu/85861652/ |title=Hurd-Butler |date=August 24, 1980 |work=Austin American-Statesman |via=Newspapers.com}} they divorced on October 14, 1987. Hurd and his second wife, Paula Kalupa, an executive with NCR, married in 1990.{{cite news | first1=Jordan | last1=Novet | first2=Lauren | last2=Feiner | url=https://www.cnbc.com/2019/10/18/mark-hurd-co-ceo-of-oracle-dies-at-62.html |title=Mark Hurd, co-CEO of Oracle, dies at 62 after illness | work=CNBC | date=October 18, 2019}} They had two daughters, Kathryn and Kelly.{{cite news | url=https://www.bloomberg.com/news/articles/2019-10-18/mark-hurd-oracle-ceo-who-led-three-tech-companies-dies |title=Mark Hurd, Oracle CEO Who Led Three Tech Companies, Dies | work=Bloomberg News |date=October 18, 2019}}

In September 2019, Hurd announced his intention to go on leave for unspecified health reasons. He also said co-CEO Safra Catz and Oracle founder CTO Larry Ellison would be managing the organization while he was away.{{cite web|last=Pimentel|first=Benjamin|date=September 12, 2019|title=Oracle CEO Mark Hurd is taking a leave of absence, saying he needs 'time focused on my health'|url=https://www.businessinsider.in/oracle-ceo-mark-hurd-is-taking-a-leave-of-absence-saying-he-needs-time-focused-on-my-health/articleshow/71088866.cms|access-date=September 12, 2019|website=Business Insider}} Hurd died on October 18, 2019,{{Cite news | url=https://www.cnn.com/2019/10/18/tech/mark-hurd-dead/index.html |title=Mark Hurd, Oracle CEO, has died | last=Goldman | first=David | work=CNN | date=October 18, 2019| access-date=October 20, 2019}}{{cite news | url=https://www.reuters.com/article/us-oracle-ceo/oracle-co-ceo-mark-hurd-passes-away-idUSKBN1WX21E| title=Oracle co-CEO Mark Hurd dies at 62|last1=Sharma| first1=Vibhuti |last2=Malara | first2=Neha| work=Reuters | date=October 18, 2019 | access-date=October 20, 2019}} reportedly of cancer.{{Cite web|last=Jowitt|first=Tom|date=2019-12-16|title=Safra Catz Oracle CEO After Mark Hurd Death {{!}} Silicon UK Tech News|url=https://www.silicon.co.uk/cloud/cloud-management/safra-catz-confirmed-as-oracle-ceo-after-mark-hurd-death-323823|access-date=2020-08-02|website=Silicon UK|language=en-GB}}

• The Value Factor: How Global Leaders Use Information for Growth and Competitive Advantage by Mark Hurd and Lars Nyberg, Bloomberg Press, 2004, {{ISBN|1-57660-157-9}}
• [https://web.archive.org/web/20060910090106/http://www.baylor.edu/bbr/index.php?id=10183 Fall 2003 Baylor Business Review "Enterprise Decision-Making"] by Mark Hurd, {{ISSN|0739-1072}}

{{Reflist}}

{{Commons category}}

{{Wikiquote}}

• {{Official website|https://markhurd.com/}}

{{S-start}}

{{s-bus}}

{{Succession box| title=Chairman of Hewlett-Packard | before=Patricia C. Dunn | after=Ray Lane | years=2006–2010}}

{{Succession box| title=Chief Executive Officer of Hewlett-Packard | before=Robert Wayman | after=Léo Apotheker | years=2005–2010}}

{{Succession box| title=President of Hewlett-Packard | before=Carly Fiorina | after=Léo Apotheker | years=2005–2010}}

{{Succession box| title=Co-President of Oracle Corporation | before=Charles Phillips
Safra A. Catz | after=Safra A. Catz | years=(along with Safra A. Catz)
2010–2019}}

{{S-end}}

{{Oracle}}

{{HP}}

{{Authority control}}

{{DEFAULTSORT:Hurd, Mark V.}}

Category:1957 births

Category:2019 deaths

Category:20th-century American businesspeople

Category:21st-century American businesspeople

Category:American chairpersons of corporations

Category:American chief operating officers

Category:American technology chief executives

Category:Baylor University alumni

Category:Businesspeople from Queens, New York

Category:Hewlett-Packard people

Category:NCR Corporation people

Category:Oracle employees

Category:Teradata

Category:Archbishop Curley-Notre Dame High School alumni

Category:Baylor Bears men's tennis players

Category:Phi Delta Theta members