Larry Ellison steps down as Oracle CEO

Oracle founder Larry Ellison has stepped down from his role as CEO after a 37-year tenure, it was announced late on Thursday.

Co-presidents Safra Catz and Mark Hurd have been appointed joint-CEOs in what represents the first change at the very top of the business since it was established in 1977.

Ellison will assume the position of executive chairman of Oracle's board, as well as that of chief technology officer. Chairman of ten years, Jeff Henley, has been appointed vice chairman of the board.

All manufacturing, finance and legal functions will continue to report to Catz, while all sales, service and vertical industry global business units will continue to report to Hurd. Ellison, who turned 70 last month, will retain responsibility for all software and hardware engineering functions.

In a company statement, Ellison said: "Safra and Mark will now report to the Oracle board rather than to me.

"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."

Presiding director Dr Michael Boskin added: "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.

"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."

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