It is the end of an era for Oracle as Larry Ellison has decided to step down as the company’s CEO. He founded Oracle in 1977 and since then, he has been its only CEO ever.
Taking his place as CEO will be both Safra Catz and Mark Hurd. Catz will handle all manufacturing, financial and legal functions, and Hurd will handle all sales, services and global business units.
“Safra and Mark will now report to the Oracle Board rather than to me,” Ellison said in the company’s announcement. “All the other reporting relationships will remain unchanged. 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.”
While Ellison is stepping down as CEO, he will still remain a part of the company as executive chairman of its board of directors and, as the company’s CTO. Jeff Henley, who has served as Oracle’s chairman for the last 10 years, was appointed to vice chairman of the board.
“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 Michael Boskin, presiding director of the Oracle board. “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.”