Net Worth Ranker
What Is Mark Hurd’s Net Worth?
At the time of his death in 2019, Mark Hurd, a prominent figure in the technology industry, had a net worth of $150 million. This wealth was accumulated through a successful career spanning several decades, holding leadership positions in major corporations such as NCR Corporation, Hewlett-Packard (HP), and Oracle Corporation. His compensation packages, particularly during his tenures as CEO, significantly contributed to his substantial net worth.
Salary and Compensation Details
Mark Hurd’s compensation packages were substantial, reflecting his role as a top executive in the technology sector. His base salary at the time of his passing was approximately $2.4 million. However, his total annual earnings were significantly higher, often reaching around $40 million when factoring in bonuses, stock options, and other forms of compensation. In 2018 alone, his total income from all sources amounted to $108 million, showcasing the potential for substantial earnings at the highest levels of corporate leadership. For example, in 2008, while at HP, Hurd’s total compensation approached $40 million, which included a cash bonus of nearly $24 million – the largest bonus awarded to any CEO in that year. This demonstrates the considerable financial rewards associated with his leadership roles and performance-based incentives.
While at HP, Mark Hurd’s compensation structure included a mix of base salary, stock options, and performance-based bonuses. During the recession in 2008, he took a 20% pay cut, which was a notable gesture during a period of economic difficulty. However, it’s important to note that during this same period, his bonus was increased by the same percentage, offsetting the impact of the pay cut and highlighting the complexities of executive compensation. These decisions, while aimed at addressing the financial realities of the time, were met with some controversy. Additionally, the specifics of his severance package upon leaving HP, including the value of stock options and other benefits, were subject to legal agreements and settlement terms. When Hurd joined Oracle, HP filed a lawsuit alleging violation of agreements intended to protect its secrets. The lawsuit was soon settled when Hurd agreed to give up half of all compensation still owed to him by his former company. This financial settlement demonstrates the legal and financial complexities that can arise from executive transitions between major corporations.
Career Milestones and Leadership Roles
Mark Hurd’s career began at NCR Corporation, where he spent 25 years climbing the corporate ladder. He started as a junior salesman in 1980 and eventually rose to become the president and CEO. His leadership was instrumental in improving the company’s operating efficiency and driving revenue growth. In 2004, NCR’s revenue increased by 7 percent compared to the previous year, and net income rose to $290 million. During his tenure at NCR, Mark Hurd played a vital role in the Teradata data-warehousing division, serving as its head for three years. This division was a key component of NCR’s business, and his leadership contributed to its success.
In 2005, Hurd became the CEO of HP, taking over after Carly Fiorina’s resignation. During his time at HP, the company became the world leader in laptop sales by 2006, and a year later, it also led in desktop computer sales. By 2008, HP’s market share in inkjet and laser printer sales had significantly increased, reaching 46% and 50.5%, respectively. Despite the economic challenges of the 2008 recession, Hurd increased HP’s revenue by 63% and doubled the company’s stock price. He also oversaw the successful integration of HP with Compaq, a major strategic move that strengthened HP’s market position. However, Hurd also implemented cost-cutting measures, including laying off more than 15,000 workers, representing 10% of HP’s workforce. This decision, while aimed at improving profitability, was controversial and had a significant impact on HP’s employees.
From 2010 to 2019, Mark Hurd served as CEO of Oracle Corporation. One of his first initiatives was to expand the company’s sales force and launch a program to recruit college students and train them as sales representatives. In 2014, he became co-CEO of Oracle, alongside Safra Catz. Together, they focused on growing Oracle’s cloud computing division, which increased by 82% over several years. They also invested over $5 billion in cloud technology research and development, demonstrating a long-term commitment to the cloud business. The acquisitions of various cloud computing companies further solidified Oracle’s position in the cloud market, reflecting a strategic shift towards a SaaS business model.
Early Life and Education
Mark Vincent Hurd was born on January 1, 1957, in Manhattan, New York. He came from an upper-class family, with his mother being a debutante and his father a financier. After graduating from high school in 1975, Hurd attended Baylor University in Waco, Texas. He secured a tennis scholarship during his high school years, which enabled him to attend Baylor. While at Baylor, he joined a fraternity and pursued a degree in business administration, graduating with a Bachelor’s degree in 1979. His education and upbringing provided him with a strong foundation for his future career in business and technology.
Real Estate Assets
In 2005, Mark and Paula Hurd purchased a home in Atherton, California, for $7.1 million. Atherton is known for being one of the wealthiest towns in the United States, attracting high-profile residents with its luxurious properties and proximity to Silicon Valley. The property likely included high-end amenities and features, reflecting the lifestyle of a successful executive. In 2012, they sold the Atherton home for $7.8 million, realizing a gain on the investment. The specifics of the property, such as its square footage, number of bedrooms and bathrooms, and lot size, are not publicly available. However, it is likely that it was a substantial and luxurious residence, given the location and purchase price.
