Larry Ellison has quit the role of chief executive of Oracle after 35 years in the job.
Mark Hurd and Safra Catz will now become co-CEOs, with Ellison taking on the roles of executive chairman and chief technology officer of Oracle.
Hurd and Catz are currently co-presidents at Oracle. As co-chief executives, Catz will run legal and manufacturing operations and stay as chief finance officer while Hurd looks after marketing and strategy.
Despite advancing age (he has just turned 70) and his billions in the bank, Ellison will remain a full-time employee.
"Larry has made it very clear that he wants to keep working full-time and focus his energy on product engineering, technology development and strategy," said Oracle board president Michael Boskin.
"Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future."
Ellison, who is ranked fifth wealthiest man in the world with a fortune estimated to be $51.4 billion, said the change now meant that Hurd and Catz report to the board rather than to him.
"The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine," said Ellison.
Ellison co-founded Oracle and has been its chief since 1977. He remains Oracle's largest shareholder with 1.1 billion shares, or 25 per cent of the company. The firm is noted for its habit of acquiring companies such as PeopleSoft, Siebel, BEA and Sun Microsystems, to name a few.
-
What does modern security success look like for financial services?Sponsored As financial institutions grapple with evolving cyber threats, intensifying regulations, and the limitations of ageing IT infrastructure, the need for a resilient and forward-thinking security strategy has never been greater
-
Yes, legal AI. But what can you actually do with it? Let’s take a look…Sponsored Legal AI is a knowledge multiplier that can accelerate research, sharpen insights, and organize information, provided legal teams have confidence in its transparent and auditable application
-
OpenAI has a bold plan to pay for its $1 trillion spending spree: Ads, personal assistants, and cheaper subscriptionsNews OpenAI has lined up more than $1 trillion in spending – and now it's trying to figure out how to pay for it all.
-
Oracle leadership shake-up comes at 'the right moment' as Safra Catz makes way for co-CEOSNews Clay Magouyrk and Mike Silica will take up the joint role at Oracle amidst a sharpened AI focus
-
Oracle layoffs loom despite strong financial resultsNews Hundreds of staff across US and elsewhere say they've been made redundant
-
IBM eyes Oracle expertise gains with latest acquisitionNews The deal aims to help IBM address the complexities of public sector cloud transformation
-
Channel Focus: All you need to know about Oracle's partner programWhat to know about partnering with Oracle: A brief guide to the database management software company as it expands further into cloud solutions
-
Compliance through automation and localizationITPro Podcast The crossover between automation, localization, and even AI is strong
-
Will NetSuite take a cautious approach to AI at SuiteWorld 2023?Analysis Generative AI is likely to loom large over SuiteWorld – but NetSuite may instead bank on boosting its core end-to-end automation tech
-
Oracle updates HCM capabilities to focus on value and set employees up for successNews Reward and recognition - especially by peers - are key tenets of the update to the Oracle Me employee experience platform
