Co-founder and leader of Oracle Corp Larry Ellison on 18 September 2014 stepped down as Chief Executive Officer (CEO). Larry Ellison will now be the chairman of Oracle’s board and the Chief Technology Officer of the company.
Current Presidents of Oracle Safra Catz and Mark Hurd will take over as the new Chief Executive Officers which raised questions whether it will be successful. Such arrangements had largely been unsuccessful when tried at other companies.
Under this new arrangement, Safra Catz will continue to handle manufacturing, finance and legal functions at Oracle, while sales and service units will continue to report to Mark Hurd. Software and hardware engineering unit will continue to report to Ellison.
The major difference is that Catz and Hurd will now report to Oracle's board rather than to Ellison.
• Raised in a rough Chicago neighborhood, Ellison built Oracle into one of the most successful technology companies at Silicon Valley.
• Ellison co-founded the database company that became Oracle in 1977. He served Oracle Corp as Chief Executive officer for 37 years.
• Ellison took the company public in 1986 with revenue of 55 million US dollars. The revenues of 2014 are expected to top 40 billion US dollars.
• Through dozens of acquisitions, Ellison widened the portfolio of Oracle to include tools for customer service, human resources and business intelligence. He invested billions of dollars to acquire PeopleSoft, Siebel Systems and other tech companies.
• As per the 2014 Forbes Billionaires List, Ellison is the world’s fifth richest person with the wealth of 51.3 billion US dollars.
• Ellison remains the single-largest owner of Oracle stock ORCL by owning its 1.1 billion shares. These shares are valued at 45.8 billion US dollars.
Safra Catz was trained in finance and law. She was a Wall Street banker from 1986 until she joined Oracle in 1999. She joined the board of directors in 2001 and became president in 2004.
In 2011, she took over as chief financial officer of Oracle Corp.
Mark Hurd served as the computer and ATM pioneer NCR Corp for 25 years. In 2005, he joined Hewlett-Packard where he was CEO till 2010.
It was in 2010 itself that he was courted by Ellison following which he joined Oracle.
When: 18 September 2014