Posted: 09/18/2014 01:14:59 PM PDT
Updated: 09/18/2014 01:22:57 PM PDT
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REDWOOD CITY -- Larry Ellison, who for 37 years steered Oracle to become one of the world's biggest and well known technology companies, is giving up his position as CEO to become the company's executive chairman and chief technology officer.
The Redwood City corporation's board promoted both co-presidents Safra Catz and Mark Hurd to replace Ellison, who turned 70 in August. It said all manufacturing, finance, and legal functions will continue to report to Catz, and sales, service and other global business units will continue to report to Hurd, while Ellison will continue overseeing software and hardware engineering functions.
'Safra and Mark will now report to the Oracle Board rather than to me,' Ellison said in a press release. '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.'
'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,' added board member Michael Boskin in the release. 'Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The Directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future.'
Contact Steve Johnson at sjohnson@mercurynews.com or 408-920-5043. Follow him at http://ift.tt/1fGGKSP
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