Oracle CEO Ellison steps down
Larry Ellison announced Thursday he has agreed to step down as CEO of Oracle, the software powerhouse he co-founded.
Mark Hurd and Safra Catz, co-presidents of Oracle, will take the role as CEO. Catz will handle all manufacturing, finance and legal functions at the company, while Hurd manages “sales, service and vertical global business units.”
Ellison, 70, founded the database giant in 1977 and has turned the company into the king of high-end business-focused software. He will remain with the company as the board’s chairman and chief technology officer.
“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,” Ellison said. “Keeping this management team in place has always been a top priority of mine.”
Shares of Oracle were down about 2% in after-hours trading.
Source: Usatoday- Oracle CEO Ellison steps down
