Larry Ellison has stepped down from his position as Oracle’s chief executive after a 37-year career. He will now serve as the tech company’s executive chairman and chief technology officer, as announced on Thursday.
According to Dr. Michael Boskin, presiding director of the Oracle board, Ellison will now focus on product engineering, technology development, and strategy. Previous chairman Jeff Henley will now serve as vice chairman.
The CEO role will be split by Safra Cruz and Mark Hurd. Cruz has been promoted to CEO of manufacturing, finance, and legal. Sales, service, and industry-specific divisions will fall under Hurd’s leadership. Ellison will oversee all technology functions.
"Safra and Mark will now report to the Oracle Board rather than to me," said Ellison. "All the other reporting relationships will remain unchanged. The three of us have been working well together for the last several years. Keeping this management team in place has always been a top priority of mine."
With an estimated net worth of $46 billion, 70-year-old Ellison is among the tech industry’s original elite leaders, along with Microsoft’s Bill Gates and Apple’s Steve Jobs. He co-founded Oracle in 1977, offering database software to businesses, and has been at the helm ever since.