Larry Ellison Relinquishes CEO Role at Oracle
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Oracle Corp.’s Larry Ellison stepped down as CEO of the software maker he founded, making way for a new generation of executives and ending one of the most profitable runs for a leader in business history.
Mark Hurd and Safra Catz, currently co-presidents of Oracle, were both named CEO to replace Mr. Ellison, the company said today. Mr. Hurd will run sales, marketing and strategy, while Ms. Catz will remain chief financial officer and oversee legal and manufacturing operations. Mr. Ellison will become chairman, replacing Jeff Henley, and also take on the title of chief technology officer.
Mr. Ellison, who turned 70 last month, guided the Redwood City, Calif.-based company for more than 35 years to make it the world’s largest database-software company and one of the biggest providers of business programs. Oracle’s products have become the backbone of modern commerce and industry. The company has a market capitalization of more than $185 billion and produces annual revenue of $38 billion.
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