Larry Ellison, the outspoken co-founder and long-time chief executive officer of tech giant Oracle, has relinquished his CEO post to become the company?s executive chairman and chief technology officer.
The Silicon Valley-based business software maker said in a statement that its board of directors has appointed Safra Catz and Mark Hurd to the position of CEO to replace Ellison.
Catz was previously Oracle?s president and chief financial officer, while Hurd was president.
Oracle also announced that it has elected Jeff Henley, who has served as the company?s chairman for the last 10 years, as vice chairman of the board.
All manufacturing, finance, and legal functions will continue to report to Catz, while sales, service and vertical industry global business units will continue to report to Hurd. All software and hardware engineering functions, meanwhile, will continue to report to Ellison.
“Safra and Mark will now report to the Oracle Board rather than to me,” Ellison said in a statement. “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.”
“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 presiding director Dr. Michael Boskin.