"Oracle has appointed two new co-CEOs, as part of a succession plan put into motion months ago. Business Insider reported in June that Oracle had promoted cloud boss Clay Magouyrk and head of industries Mike Sicilia to the title of "president" as part of a succession plan, citing SEC filings and people familiar with the plans. Safra Catz, CEO since 2014, will become executive vice chair of the company's board of directors, the company announced. Larry Ellison, cofounder and former CEO, will continue as chief technology officer and executive chairman."
"The leadership changes come amid an AI-driven growth boom for Oracle. The company's stock price shot up more than 40%, its largest increase within a single day, earlier this month after it said it expects revenue for its cloud business to jump 77% to $18 billion compared to the previous year, and hit $144 billion by 2030. Magouyrk is a former Amazon software development engineer who joined Oracle as an individual contributor in 2014."
Oracle appointed Clay Magouyrk and Mike Sicilia as co-CEOs under a succession plan initiated months earlier. Safra Catz, CEO since 2014, will move to executive vice chair of the board while Larry Ellison remains chief technology officer and executive chairman. The leadership change coincides with an AI-driven growth surge, with Oracle predicting cloud revenue to rise 77% to $18 billion and projecting $144 billion by 2030, after a stock jump exceeding 40% in one day. Magouyrk joined Oracle in 2014 from Amazon and rose rapidly to lead Oracle Cloud Infrastructure. Sicilia oversees Oracle Industries and led the Cerner takeover and AI agent integration into industry cloud applications. Oracle has used a two-president succession structure multiple times historically.
Read at Business Insider
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