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Thursday, September 18, 2014

Larry Ellison Quits as Oracle's CEO

Posted By on Thu, Sep 18, 2014 at 1:49 PM

click to enlarge 800px-larry_elllison_on_stage.jpg
Larry Ellison, one of the Bay Area's most famous billionaires, announced today he's stepping down as the CEO of Oracle. He will remain the chairman of the company's board and instead take on the role of the chief technology officer. 

Mark Hurd and Safra Catz, both presidents at Oracle, will become the new CEOs.

Ellison co-founded Oracle in 1977, creating a powerhouse software company that helped to put Silicon Valley on the map. Aside from his software business, Ellison is well-known for love of fancy cars, his America's Cup glory and his insane wealth that led him to buy the Hawaii island of Lanai

He's officially worth about $46 billion, which makes him the 7th richest person in the world. 

Ellison released the following statement to the media today:

"Safra and Mark will now report to the Oracle Board rather than to me," Ellison said in a statement. "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."


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About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert was the Online News Editor for SF Weekly from 2010 to 2015. She's a Texas native and has a closet full of cowboy boots to prove it.

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