Oracle CEO Shifts Gears at 70

Oracle Co-Founder and CEO Larry Ellison is taking a more peripheral role as he rolls out his successors.

by / September 18, 2014

The world’s No. 2 software vendor has made some changes in executive management. The Oracle board of directors announced Sept. 18 that CEO Larry Ellison would be the company’s new executive chairman of the board and chief technology officer (CTO). Jeff Henley, who served as chairman for 10 years, will now serve as vice chairman of the board.

To take Ellison’s place, the board promoted two officials, Safra Catz and Mark Hurd, to the position of CEO. Catz will handle manufacturing, financial and legal matters, and Hurd will handle sales, service and “vertical industry global business units,” according to a press release.

Though a company having two CEOs is uncommon, Ellison noted that he and the new CEOs have been working well together for the past several years and would like to keep things that way for “the foreseeable future.”

Ellison, who co-founded Oracle in 1977 and is now 70 years old, has a net worth of $49.7 billion. In March, research firm Gartner reported that Oracle moved past IBM to take the No. 2 position for worldwide software revenue, under Microsoft.