Larry Ellison Steps Down as CEO of Oracle
The billionaire co-founder of the software company will remain as chief technology officer and executive chairman
Multibillionaire Larry Ellison said Thursday he has stepped down as CEO of Oracle, the software company he co-founded more than three decades ago.
Ellison, whose children are prominent filmmakers, will remain with the company as executive chairman and chief technology officer while Mark Hurd and Safra Catz will each become CEO. Jeff Henley, Oracle's chairman, will become vice chairman.
Ellison, worth some $50 billion, is the fifth-richest person in the world. His daughter, Megan, founded Annapurna Pictures, known for films like Zero Dark Thirty and American Hustle; his son, David, is CEO of Skydance Productions, a co-producer of World War Z, Jack Reacher and 2010's True Grit.
"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," said the Oracle board's presiding director, Dr. Michael Boskin.
Ellison, 70, is also a major landowner in Malibu, where he opened Nobu, a very trendy restaurant that boasts clientele like CBS CEO Leslie Moonves, former Disney CEO Michael Eisner and television producer Mark Burnett. He also owns 98 percent of the Hawaiian island Lanai and last year he purchased Hawaii's Island Air.
"Safra and Mark will now report to the Oracle Board rather than to me," Ellison said in a written statement Thursday. "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."
Shares of Oracle were up 1 percent Thursday but fell 2 percent after the closing bell once the announcement was made.