Oracle Corp. chief Larry Ellison has stepped down, paving the way for a new generation of leaders in the technology giant and ending one of the most lucrative stints for any business executive.
Co-presidents Mark Hurd and Safra Catz will succeed him, Bloomberg reported Friday, citing a company statement.
Hurd will run sales, marketing and strategy while Catz will remain chief financial officer and oversee legal and manufacturing operations.
Ellison, 70, will become chairman, replacing Jeff Henley, and also chief technology officer.
Ellison led the Redwood City, California-based company for more than 35 years during which Oracle became the world’s largest database-software company and one of the biggest providers of business solutions.
Oracle products are the backbone of modern commerce and industry. The company has a market capitalization of more than US$185 billion and produces annual revenue of US$38 billion.
Ellison’s departure from the helm of the company he co-founded in 1977 signals a broader changing of the guard in the technology industry after the exits of Bill Gates and Steve Balmer from Microsoft and Steve Jobs from Apple Inc. in favor of new blood.
Ellison is leaving the day-to-day operations of Oracle at a time when the software industry he helped promote has been disrupted by the rise of cloud-computing technologies.
Oracle’s core business has been selling software designed to run on gear owned by the customer, and by charging a license fee. New cloud technologies let companies rent software without having to invest in equipment or commit to a license.
Oracle’s sales growth has been less than 5 percent for 11 of the past 12 quarters. The company has struggled to sign up new customers and has turned to selling more hardware and industry-specific technologies to existing customers, the report said.
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