Larry Ellison Steps Down as CEO of Software and Cloud Company Oracle
Larry Ellison has stepped down as Chief Executive Officer of software and cloud company Oracle. He had been in the position for 37 years. Ms. Safra Catz and Mr. Mark Hurd have been named as his replacements, sharing Mr. Ellison's previous role, and each focusing on different aspects of the company. Ms Catz will manage the corporation's manufacturing, legal and finance operations and Mr. Hurd its sales, service and business units.
Established in 1977, Mr. Ellison was one the original founders of the company, alongside Ed Oates and Bob Miner. He owns 25% of the company and with a net worth of $$51.3 billion, Forbes recognizes him as the fifth wealthiest person on the planet. According to a statement by Michael Boskin, the President of Oracle's board, Mr. Ellison will focus on other areas within the company. "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," explained Mr. Boskin. The company's software and hardware engineering staff will remain under Mr. Ellison.
Oracle is being forced to reevaluate its business models as a result of the shifting paradigms - the industry is moving away from the traditional purchasing software model to the cloud-based SaaS model. In 2011 Oracle Corporation acquired RightNow Technologies Inc. for $1.5 billion to strengthen its cloud services, but it has struggled to completely reinvent itself.
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