Oracle founder Larry Ellison steps down

Oracle execs Safra Catz and Mark Hurd named co-CEOs

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Credit: Reuters

Iconic Oracle founder, Larry Ellison, today said he will step aside as chief executive of the company.

According to the IDG News Service: Ellison has been appointed executive chairman and CTO of the vendor, with co-presidents Safra Catz and Mark Hurd named co-CEOs.

"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."

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Oracle's announcement came without warning as it also released first-quarter earnings results. Catz will remain in charge of manufacturing, finance and legal operations, while Hurd continues handling sales, service and global business units, according to a statement. All software and hardware engineering will remain under the oversight of Ellison.

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