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Mark Hurd

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Mark Hurd
Hurd at Oracle in 2010
Born
Mark Vincent Hurd

(1957-01-01)January 1, 1957
Manhattan, New York, U.S.
DiedOctober 18, 2019(2019-10-18) (aged 62)
EducationBaylor University
OccupationCo-CEO of Oracle Corporation
SpousePaula Hurd

Mark Vincent Hurd (January 1, 1957 – October 18, 2019) was an American technology executive who served as Co-CEO and as a member of the board of directors of Oracle Corporation.[2][3] He had previously served as Chairman, Chief Executive Officer, and president of Hewlett-Packard, before resigning in 2010. He was also on the Board of Directors of Globality[4] and was a member of the Technology CEO Council and board of directors of News Corporation until 2010.[5][6]

Early life and education

Hurd was born in New York City, the son of Teresa A. (Fanoni), a debutante, and Ralph Steiner Hurd, a financier.[7][8][9] He graduated from Archbishop Curley-Notre Dame High School, in Miami, Florida, in 1975.[10] 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.[11]

Career

NCR (1980–2005)

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, and subsequently held a variety of positions in general management, operations, and sales and marketing. He also served as head of the company's Teradata data-warehousing division for three years.[12]

Hewlett-Packard (2005–2010)

This chart shows the share price of NCR, Hewlett-Packard and Oracle during Mark Hurd's tenure.

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.[13]

Under his leadership, the company was first in the sale of desktop computers since 2007, and laptop computers since 2006. In 2008, it also increased its market share in inkjet printers and laser printers to 46% and 50.5%, respectively.[12] Hurd forecast that in 2009, HP's sales could drop as much as 5% in the midst of the recession, but its profit increased by nearly 6%.[12] 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.[14]

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.[15] 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".[16]

Hurd was said to have run HP "with a founder's authority. He was the de facto CEO, CFO, COO and head salesman".[17] 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 includes reducing the IT department from 19,000 to 8,000, reducing the number of software applications that HP uses from 6,000 to 1,500, and consolidating HP's 85 data centers to 6.[12] During the 2009 recession, Hurd imposed a temporary 5% 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.[18]

While serving as chairman and CEO at Hewlett-Packard, Hurd was named one of Fortune Magazine's 25 most powerful people in business, in 2007.[19] In 2008, The San Francisco Chronicle recognized Hurd as CEO of the year.[20] Hurd was listed as one of Forbes' top gun CEOs in 2009.[21]

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.[22] It was the largest bonus of any CEO in 2008, although Hurd would implement a wage freeze on his employees.[23] 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.[24]

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.[25][26][27] 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.[28][29] 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.[30][31][32] Fisher herself expressed regrets at the outcome.[33]

Oracle Corporation (2010–2019)

On September 6, 2010, Hurd was named president of Oracle Corporation alongside Safra A. Catz, succeeding former president Charles Phillips.[34] Hurd was also appointed a member of the Oracle Corporation board of directors. Hurd and Catz were appointed by then-CEO Larry Ellison.[35][36][37]

Hurd revamped the company's salesforce in 2013, a process that had initially started two years prior. Hurd changed the compensation for Oracle's sales representatives in order to sell more hardware, hired additional sales representatives, and reduced the number of accounts covered by each salesperson. He reported the sales force increased by 4,000 in April 2013.[38] His plans to revamp initially faced flak from veteran sales representatives, some of whom left Oracle to work for competitors.[38] In the same year Hurd launched the “Class Of” program to hire thousands of college graduates and groom those graduates to become sales representatives, 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.[39][40] Hurd reported in 2015 that Oracle recruits 1,300 students a year.[41]

On September 18, 2014, Ellison announced he was stepping down as CEO of Oracle, with Hurd and Catz both becoming CEOs.[42][43] Hurd was given control of sales, service and marketing departments, while Catz would oversee operations, legal and finance departments.[44]

Under Hurd, Oracle accelerated its focus on cloud technology and modernized its legacy software to compete with smaller cloud-based firms.[45] In 2016, Hurd claimed 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.[46]

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.[47][48]

Personal life

Hurd and his wife, Paula, an executive with NCR, married in 1990.[49] They had two daughters, Kathryn and Kelly.[50]

In September 2019, Hurd announced his intention to go on leave for health reasons that were not specified. He also stated that in his absence his Co-CEO Safra Catz and Oracle founder CTO Larry Ellison would be managing the organization while he was away.[51] Hurd died on October 18, 2019.[52][53]

Bibliography

  • 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
  • Fall 2003 Baylor Business Review "Enterprise Decision-Making" by Mark Hurd, ISSN 0739-1072

References

  1. ^ "Compensation Information for Mark V. Hurd , Chief Executive Officer of ORACLE CORP". Salary.com. Retrieved October 18, 2019.
  2. ^ McGee, Chantel (June 22, 2017). "Oracle CEO Mark Hurd: 'We're different than Amazon'". CNBC. Retrieved September 25, 2017.
  3. ^ "Executive Biography - Mark Hurd". Oracle Corporation.
  4. ^ Shieber, Jonathan (April 7, 2016). "As globalization slows, new startup Globality raises $27 million to bring SMBs to world markets". TechCrunch.
  5. ^ Adegoke, Yinka (August 31, 2010). "Update 2-Ex-HP CEO Hurd leaving News Corp board". Reuters.
  6. ^ Bercivici, Jeff (August 31, 2010). "Mark Hurd Stepping Down from News Corp. Board". Daily Finance.
  7. ^ "Obituary of Teresa F. Hurd | Tradition Care Funeral Service". traditioncare.com.
  8. ^ "Daily News from New York, New York on November 30, 1950 · 889". Newspapers.com.
  9. ^ Oster, Patrick (October 18, 2019). "Mark Hurd, Oracle CEO who led three tech companies, dies at 62". Financial Post.
  10. ^ Curley Notre Dame Hall of Fame inductees are community builders Archdiocese of Miami. May 6, 2014. Retrieved September 16, 2017
  11. ^ Pimentel, Benjamin (March 30, 2005). "Mark Hurd has earned a name at Hewlett-Packard". San Francisco Chronicle.
  12. ^ a b c d Lashinsky, Adam (March 3, 2009). "Mark Hurd's moment". Fortune. Retrieved July 15, 2009.
  13. ^ Wong, Grace (September 22, 2006). "HP's Dunn resigns from board". CNN. Retrieved March 15, 2017. {{cite web}}: Cite has empty unknown parameter: |1= (help)
  14. ^ "Can Meg Whitman Reverse Hewlett-Packard's Free Fall?". Bloomberg News. January 10, 2013.
  15. ^ Rosen, Ben. "The Merger That Worked: Compaq and Hewlett-Packard". The Huffington Post. Retrieved March 15, 2017.
  16. ^ Stewart, James B. (September 22, 2011). "Voting to Hire a Chief Without Meeting Him". The New York Times.
  17. ^ Ricadela, Aaron; Vance, Ashlee. "Can Meg Whitman Reverse Hewlett-Packard's Free Fall?". Bloomberg. Retrieved March 8, 2017.
  18. ^ "Hewlett-Packard and Compaq agree to merge, creating $87 billion global technology leader". HP. Retrieved March 15, 2017.
  19. ^ Hurd, Mark. "25 most powerful people in business". Fortune. Retrieved March 7, 2017.
  20. ^ Kim, Ryan. "Mark Hurd has earned a name at Hewlett-Packard". SFGATE. Retrieved March 7, 2017.
  21. ^ "In Pictures: The Top Gun CEOs". Forbes. Retrieved March 7, 2017.
  22. ^ Darlin, Damon. "Times Topics: Mark V. Hurd". The New York Times. Retrieved July 15, 2009.
  23. ^ Jones, Kathryn (April 5, 2009). "The Pay at the Top". The New York Times.
  24. ^ 2009 CEO Compensation Data for Mark V. Hurd Archived January 29, 2010, at the Wayback Machine, Equilar
  25. ^ Eule, Alexander (August 6, 2010). "HP's CEO Mark Hurd Resigns". Barron's. Retrieved March 8, 2017.
  26. ^ Albanesius, Chloe. "HP CEO Hurd Resigns Amidst Expense Report Scandal". PC Magazine. Retrieved March 8, 2017.
  27. ^ "Catherine Lesjak". Bloomberg. Retrieved March 8, 2017.
  28. ^ Madway, Gabriel (August 8, 2010). "Ex-HP CEO Hurd settled with contractor- sources". Reuters. Retrieved March 8, 2017.
  29. ^ Worthen, Ben; Tam, Pui-Wing. "H-P Chief Quits in Scandal". The Wall Street Journal. Retrieved March 15, 2017.
  30. ^ Tobak, Steve (August 10, 2010). "Oracle's Ellison: HP's Board Made Worst Mistake Since Apple Fired Jobs". CBS News. Retrieved March 8, 2017.
  31. ^ Vance, Ashlee (August 9, 2010). "Oracle Chief Faults H.P. Board for Forcing Hurd Out". The New York Times. Retrieved March 8, 2017.
  32. ^ Nocera, Joe. "H.P.'s Blundering Board". The New York Times. Retrieved March 8, 2017.
  33. ^ Lublin, Joann S.; Worthen, Ben (August 8, 2010). "Mark Hurd Neglected to Follow H-P Code". The Wall Street Journal.
  34. ^ Meyers, Michelle; Kerstetter, Jim. "Oracle hires former HP CEO Hurd as president". CNET. Retrieved March 10, 2017.
  35. ^ Schaefer, Steve. "Ellison Backs Up Tough Talk, Oracle Hires Hurd". Forbes. Retrieved March 10, 2017.
  36. ^ Vance, Ashlee (August 10, 2010). "Oracle Chief Faults H.P. Board for Forcing Hurd Out". The New York Times.
  37. ^ "Oracle Hires Mark Hurd as President". Oracle. Retrieved March 10, 2017.
  38. ^ a b Bort, Julie. "The Moment of Truth: It's Crunch Time For Oracle And Mark Hurd". Business Insider. Retrieved March 10, 2017.
  39. ^ Bort, Julie. "How Oracle turned a program that salespeople hated into one of its secret weapons". Business Insider. Retrieved March 10, 2017.
  40. ^ Galligan, Jude. "Oracle moving fast to start construction in Austin". Towers. Retrieved March 10, 2017.
  41. ^ Ryan, Greg (April 23, 2015). "Oracle CEO Mark Hurd: 'It's hard to get people to come to Boston'". American City Business Journals.
  42. ^ Rosenfeld, Everett (September 18, 2014). "Oracle CEO Larry Ellison steps down, Catz and Hurd named CEOs". CNBC.
  43. ^ Guynn, Jessica (September 18, 2014). "Meet the new co-CEOs of Oracle: Mark Hurd and Safra Catz". USA Today.
  44. ^ Guynn, Jessica. "Meet the new co-CEOs of Oracle: Mark Hurd and Safra Catz". USA TODAY. Retrieved October 22, 2019.
  45. ^ Hardy, Quentin (October 2, 2013). "Mark Hurd, Oracle's Master Salesman, Wants Your Business". The New York Times.
  46. ^ Vanian, Jonathan (September 19, 2016). "Here's What Oracle CEO Mark Hurd Says About Keeping Up With Amazon". Fortune.
  47. ^ "Oracle acquires cloud-based warehouse management company LogFire". VentureBeat. September 6, 2016. Retrieved October 22, 2019.
  48. ^ Boulton, Clint. "0 acquisitions driving Oracle's cloud strategy". CIO. Retrieved March 10, 2017.
  49. ^ Novet, Jordan; Feiner, Lauren (October 18, 2019). "Mark Hurd, co-CEO of Oracle, dies at 62 after illness". CNBC.
  50. ^ "Mark Hurd, Oracle CEO Who Led Three Tech Companies, Dies". Bloomberg News. October 18, 2019.
  51. ^ "Oracle CEO Mark Hurd is taking a leave of absence, saying he needs 'time focused on my health'". Business Insider. Retrieved September 12, 2019.
  52. ^ Goldman, David (October 18, 2019). "Mark Hurd, Oracle CEO, has died". CNN. Retrieved October 20, 2019.
  53. ^ Sharma, Vibhuti; Malara, Neha (October 18, 2019). "Oracle co-CEO Mark Hurd dies at 62". Reuters. Retrieved October 20, 2019.}
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Business positions
Preceded by Chairman of Hewlett-Packard
2006–2010 		Succeeded by
Preceded by Chief Executive Officer of Hewlett-Packard
2005–2010 		Succeeded by
Preceded by President of Hewlett-Packard
2005–2010 		Succeeded by
Preceded by Co-President of Oracle Corporation
(along with Safra A. Catz)
2010–2019 		Succeeded by
Retrieved from "https://en.wikipedia.org/w/index.php?title=Mark_Hurd&oldid=956532516"