Larry Ellison, the legendary co-founder of Oracle, will no longer be the company’s CEO, Oracle said on Thursday. Instead, Ellison will become the executive chairman of Oracle’s board and Oracle’s CTO. As part of his new role, he will continue to oversee Oracle’s software and engineering initiatives.
As a replacement for Ellison, Oracle’s board is installing both Safra Catz and Mark Hurd as CEO in which Catz will handle manufacturing, finance and legal activities and Hurd will take on sales, service and other global business actions. Catz was previously Oracle’s president and chief financial officer; Hurd was an [company]Oracle[/company] president as well. Both are members of Oracle’s board, and both were previously responsible for those business operations.
In a prepared statement, Ellison said that Catz and Hurd will be reporting to the Oracle Board instead of himself.
“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,” Ellison said in the statement.
?”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,” Dr. Michael Boskin, the presiding director of Oracle’s board, said in a statement.
Ellison has been Oracle’s first and only CEO since the company was founded in 1977.
Oracle also detailed its total revenue for the first quarter, saying that it’s fiscal 2015 Q1 total revenues jumped 3 percent to $8.6 billion and its combined revenue for its software and cloud products moved up 6 percent to $6.6 billion.
Oracle will hold a conference call to discuss its results, and likely its new CEOs, at 2pm PT.
This story was updated several times Thursday afternoon as more information became available.