Larry Ellison, CEO of tech giant Oracle, has stepped down from his post, handing over the reins of the firm he co-founded in 1977 to executives Safra Catz and Mark Hurd.
Mr. Ellison will serve as Executive Chairman of Oracle’s board as well as Chief Technology Officer.
“Catz and Hurd will now report to the Oracle board rather than to me. All the other reporting relationships will remain unchanged,” Mr. Ellison said. Mr. Ellison is Oracle’s largest shareholder with 1.1 billion shares.
Jeff Henley, who has served as Oracle’s Chairman for the last 10 years, was appointed Vice-Chairman of the board.
