Oracle hires former HP CEO Mark Hurd

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.