Oracle’s CEO is Stepping Down and 2 new CEOs take his place

Oracle founder Larry Ellison is stepping down as CEO. He will be replaced by 2 executives. Former Oracle presidents Safra Catz and Mark Hurd will be co-CEOs. Ellison will be the Executive Chairman of Oracle’s Board, and the company’s CTO. Oracle’s shares are off by 2.9% regarding the news. “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.

We will have to see how this affects long term strategy of the company, not to mention its stock price.