Sep 24, 2014
Oracle's Larry Ellison will be handing over the position of chief executive officer (CEO) to Mark Hurd and Safra Catz as he looks to transition to a more technological role.
In keeping with this, Mr Ellison will become the company's chief technology officer, as well as executive chairman of Oracle's board. Jeff Henley, who had previously been chairman for the last decade, was instead appointed vice-chairman of the board.
The decision, which was announced by the organization's board of directors on Thursday (September 18), is unlikely to have a huge impact on the current reporting structures of the company, according to Oracle.
Mr Ellison said: "Safra and Mark will now report to the Oracle Board rather than to me. All the other reporting relationships will remain unchanged."
This means that manufacturing, legal and finance functions will continue to go through Ms Catz, while vertical industry global business units, sales and service requirements will report to Mr Hurd.
"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," Mr Ellison continued.
"Keeping this management team in place has always been a top priority of mine."
The news comes as Oracle users gear up for the year's biggest event in the business calendar - Oracle OpenWorld 2014. The annual conference kicks off on Sunday (September 28) and the company has unveiled a number of keynote speakers that will be participating.
Commenting on the CEO switch, Dr Michael Boskin, the Oracle board's presiding director, said Mr Ellison had made it "very clear" that he was keen to continue working for the firm in a full-time capacity.
However, he stepped down in order to focus more energy on technology development, strategy and product engineering.
"Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company," Dr Boskin concluded.