Larry Ellison, the adventurous billionaire who built Oracle Corp. into a technology behemoth, is leaving his position as chief executive, the company said Thursday.
Ellison will become executive chairman of Oracle’s board and also the company’s chief technology officer. Co-presidents Mark Hurd and Safra Catz are being promoted to co-chief executives.
“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.”
Ellison plans to continue to work full time and focus on product engineering and strategy, said Michael Boskin, the Oracle board’s presiding director.
“Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company,” Boskin said. “The directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future.”