Larry Ellison Steps Down as CEO of Oracle

Safra Catz and Mark Hurd have been promoted to the position of CEO and will share the role

Larry Ellison is stepping down as CEO of Oracle to become Executive Chairman of Oracle’s Board and its Chief Technology Officer. The title of CEO will be split between Safra Catz and Mark Hurd.

Catz will oversee all manufacturing, finance, and legal functions. Hurd will be in charge of sales, service and vertical industry global business.

“Safra and Mark will now report to the Oracle Board rather than to me,” said Larry Ellison. “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.”

Ellison has close industry ties, frequently visiting Los Angeles for galas benefiting cancer research and briefly flirted with the idea of buying the Los Angeles Clippers alongside the likes of Oprah, and David Geffen.

Ellison’s two children, David and Megan Ellison, are funding major projects throughout the movie industry. David Ellison‘s Skydance Productions has co-financed such blockbuster titles as “Mission: Impossible — Ghost Protocol” and “World War Z,” from a $350 million fund. While Megan Ellison‘s Annapurna Productions has churned out several award winners like “Zero Dark Thirty” and “American Hustle.”