Oracle said Larry Ellison, its co-founder and longtime CEO, will be stepping down, effective immediately.
Ellison, who is believed to be the fifth-wealthiest man in the world, will be replaced by Mark Hurd and Safra Catz, Oracle said. In an unusual move, Hurd and Catz will both be named CEO of the company—not co-CEOs. Ellison will become chief technology officer.
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Still, despite these successes, Ellison has drawn some public ire in recent years. In September 2013, reports surfaced that some shareholders were not pleased with the nearly $77 million compensation package that Oracle doled out to Ellison the previous fiscal year.
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And while Oracle’s growth has slowed—not topping 4 percent revenue growth since 2011—it remains a mature company with steady stock growth. Shares in the technology firm, which were trading over $41 on Thursday, were below $25 in 2011.
Hurd, one of Oracle’s presidents, was formerly the chairman and CEO of Hewlett-Packard. He stepped down from that post in 2010 after HP said he had falsified expense reports to hide a relationship with a female contractor. The contractor also accused Hurd of sexual harassment.
Catz is currently the other president, and the company’s CFO. She joined Oracle in 1999 as a senior vice president.