Larry Ellison steps down as Oracle CEO

After 37 years spent heading the California-based software giant, Larry Ellison has announced his decision to step down, leaving presidents Mark Hurd and Safra Catz to fill his position as chief executive. Ellison will, however, continue to play a key part in the company’s plans as executive chairman and CTO, and all parties – the new CEOs aside – will still report to him on matters relating to software and hardware engineering.

“Safra and Mark will now report to the Oracle Board rather than to me,” said Ellison in a statement. “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.”

Catz will now head all manufacturing, finance and legal functions of the business, whereas Hurd will lead the company’s sales, service and vertical industry global business units. Catz joined the company in 1999, before joining the board of directors in 2001 and in 2004 was named president, whilst the former head of HP only joined in 2010.

“Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company,” said the Oracle Board’s Director, Michael Boskin in a statement. “The Directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future.”

Ellison, whose estimated fortune stands at $51.3bn, according to Forbes, follows a string of big name departures in the technology sector, Microsoft, Apple and Intel amongst them, and the end of his reign comes at a crucial point as the company looks to reposition itself in the software market. Despite revenue growth of no more than four percent since 2011, the company remains in good health, and under the leadership of Catz, Hurd and Ellison, is in safe and experienced hands.