After 37 years of handling almost every aspect of his company’s operations, Oracle’s Larry Ellison stepped down as chief executive, making way for a new, younger generation of executives in the tech company’s history.
Under New Management
During his stint as CEO of the software maker he founded, Ellison had one of the most profitable runs for a CEO in business history. The longtime CEO will be replacing Jeff Henley as chairman of the Oracle board. He will also earn the title of chief technology officer.
Now 70 years old, Ellison will be replaced by current presidents SafraCatz and Mark Hurd. Aside from her current post, Catz, who is currently chief financial officer at Oracle, will oversee manufacturing, finance, and legal operations, while Hurd will run sales, marketing, and strategy.
Ellison, who turned 70 last August, managed the Redwood City, California-based company for more than 37 years, turning it into the largest database-software companies and one of the biggest providers of business programs in the world.
Oracle is part of the backbone of commerce and industry today. The company has more than $185 billion in market capitalization, with an annual income of around $38 billion.