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| Oracle's Larry Ellison steps down and two CEOs named | Oracle's Larry Ellison steps down and two CEOs named |
| (35 minutes later) | |
| Long-serving Oracle boss Larry Ellison is stepping down after 37 years, the technology giant announced on Thursday. | |
| Mark Hurd and Safra Catz have been named as successors, with both being given the chief executive title. | Mark Hurd and Safra Catz have been named as successors, with both being given the chief executive title. |
| Mr Ellison, 70, who is estimated to be the world's fifth wealthiest man, will stay on as executive chairman and chief technology officer. | |
| He co-founded what would become Oracle with Bob Miner and Ed Oates in 1977. | He co-founded what would become Oracle with Bob Miner and Ed Oates in 1977. |
| In a statement, Oracle board president Michael Boskin 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. | In a statement, Oracle board president Michael Boskin 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. |
| "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." | "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." |
| Ms Catz will run the manufacturing, legal and finance operations of Oracle whereas Mr Hurd will be in charge of the sales, service and business units. | Ms Catz will run the manufacturing, legal and finance operations of Oracle whereas Mr Hurd will be in charge of the sales, service and business units. |
| The software and hardware engineering teams will continue to report to Mr Ellison. | The software and hardware engineering teams will continue to report to Mr 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," said Mr 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," said Mr Ellison. |
| Shares in Oracle dipped 3% in trading after markets had closed, before recovering slightly. | Shares in Oracle dipped 3% in trading after markets had closed, before recovering slightly. |