Ellison steps aside at Oracle
Oracle CEO to move to executive chairman and CTO role
Oracle co-founder and CEO Larry Ellison is to step down from the role.
Seventy-year old Ellison will remain as executive chairman and chief technology office at the tech giant.
Leadership of the company will now be split between two CEOs, former CFO Safra Katz, and Mark Hurd, who was previously CEO of HP until 2010. Katz will retain responsibility for Oracle's finances, while Hurd will oversee sales, services and vertical industry businesses.
Ellison will oversee all software and hardware engineering functions.
No reason was given for the move, although Oracle's financial performance has missed analyst expectations for the past three quarters. In Q1 2015 results announced on Thursday, revenues were up by 2.68% to $8.6 billion, below market estimates, and quarterly income year-on-year was flat at $2.18 billion.
In July, after pressure from Oracle shareholders, Ellison was awarded 3 million stock options for the year, down from 7 million the previous year. Ellison is the US' most highly paid CEO, taking in $76.9 million in 2013, according to the Wall Street Journal.
In a company statement, Ellison said: "Safra and Mark will now report to the Oracle Board rather than to me. 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."
"Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy," said the Oracle Board's Presiding Director, Dr. Michael Boskin. "Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The Directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future."