Oracle CEO takes medical leave; company grappled for months over disclosure of illness

SAN FRANCISCO - Oracle Corp said chief executive officer Mark Hurd is taking a leave of absence for unspecified health-related reasons, disclosing the move along with quarterly earnings on Wednesday afternoon .

Hurd, 62, shares the CEO title with Safra Catz, 57, a well-regarded 20-year company veteran, who previously served as finance chief and still oversees Oracle's accounting, operations, legal and corporate development. Larry Ellison, the company's septuagenarian co-founder, handed over the CEO reins five years ago, but has never strayed far from the helm.

Securities law can be unclear about when a company is obligated to disclose a CEO's ill health, allowing some to hold out as long as possible, while others have erred on the side of speaking out early. The US Securities and Exchange Commission hasn't settled the question, but in general says shareholders should be told about"material" matters, defined as issues on which"there is a substantial likelihood that a reasonable person would consider it important.

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