Silicon Valley giant Oracle has announced its decision to hire ousted chief executive of Hewlett-Packard Mark Hurd as its president and member of the board.

Lawrence Ellison, chief executive of Oracle was vocal about his criticism of the board of HP when it decided to oust Hurd. He has backed his word and hired him in the company. Hurd will works as Co-Prsident along with Safra Catz who will continue to manage legal affairs, finance and acquisitions. HURD will manage Sales, marketing and client support in his new role.

"I believe Oracle's strategy of combining software with hardware will enable Oracle to beat IBM in both enterprise servers and storage," said Hurd

Most analysts agree that Hurd was a significant force in turning HP around since taking over in 2005. He made HP a domination force in the computer industry and was able to surpass rival Dell Inc. in PCs. HP undertook more than $20 billion in acquisitions, pushing deeper into computer services, networking equipment and smartphones in the five years since Hurd took over.

Hurd announced his retirement when an investigation found inaccurate expense reports from him along with a personal relationship with a contractor named Jodie Fisher. The stock of the company fell more than 9 percent on August 6.

HP indicated that the probe found that that there were no violations of the sexual harassment policy of the company but there were violations of the `Standards of Business Conduct' in the company. Fisher has said that she never had "an affair or intimate sexual relationship" with Hurd, through a statement from her lawyer.

The company said that Hurd submitted expense reports that concealed his personal relationship with Fisher. The expenses were in the range of $1,000 and $20,000 and were made for meals and travels.