Larry Ellison ends 37-year reign as Oracle chief executive

Larry Ellison on Thursday stepped down as chief executive of Oracle, handing off the helm of the successful technology company he co-founded in 1977. Ellison, who recently turned 70 years old, will be replaced as CEO by in-house executives Safra Catz and Mark Hurd. Ellison will continue to have a hand in the California company’s operations as chief technology officer and executive chairman of the board. Catz and Hurd had previously reported to Ellison, and now they will report directly to the board. Ellison built Oracle into a money-making colossus specializing in software, services, and hardware to meet the computing needs of business operations. He became one of the world’s wealthiest individuals through the company. Forbes magazine estimates his net worth at $51.3 billion, making him the fifth richest person in the world.

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

Oracle co-founder Larry Ellison, in a statement

Oracle Business