Larry Ellison steps aside as CEO of Oracle

Oracle co-founder Larry Ellison has vacated the post of CEO he has held since he founded the company in 1977.

The board of directors has appointed him to the positions of executive chairman of the board and the company's chief technology officer.

In his place, Oracle has settled on a dual-CEO arrangement, promoting long-standing executives Safra Catz and Mark Hurd, who will now report to the board, instead of to Ellison.

Catz will continue to look after all manufacturing, finance, and legal functions; while all sales, service and vertical industry global business units will continue to report to Hurd.

All software and hardware engineering functions will continue to report to Ellison.

"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," Ellison said. 

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. 

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