Oracle’s co-founder Larry Ellison announced in a company press release today that he would be stepping down from his position as CEO. Two replacements will fill the position, with long-standing co-presidents Mark Hurd and Safra Catz taking the top spot. Hurd will be heading primarily sales, marking and strategy, and Catz will be working on finance and manufacturing as well as legal departments.
The co-founder informed the company that he didn’t plan to retire or step away from his work at Oracle – instead Ellison has been elected to the position of chairman of Oracle’s board. What does this all mean? Ellison will be returning to a more ‘roots based position’ of work and influence within the company – and will be heading development, product engineering and strategy. Ellison’s shift sees him replacing Jeff Henley, who had been serving as chairman for the past decade – Ellison will still be working full time at the company.
Oracle’s board is said to be excited about the reshuffle – and is thrilled that their outstanding executive team will continue to thrive and move the company forward for the future to come. Ellis has not only been an exceptional businessman – seeing Oracle grow into a market capitalisation of $185 billion – but is considered a legendary figure within Silicon Valley for his innovative and progressive work.
Image courtesy of Oracle.