Larry Ellison, CEO of tech giant Oracle, has stepped down from his post, handing over the reins of the firm he co-founded in 1977 to executives Safra Catz and Mark Hurd.
Ellison will be serve as Executive Chairman of Oracle's Board as well as Chief Technology Officer.
He is responsible for building the company into one of the world's largest database-software businesses with revenues of over USD 37.18 billion (in 2013).
"Safra and Mark will now report to the Oracle Board rather than to me. All the other reporting relationships will remain unchanged. 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," Ellison said.
Keeping this management team in place has always been a top priority of him, he added.
Currently serving as co-presidents, Hurd runs sales, service and marketing, while Catz oversees operations, legal and finance.
Ellison, who recently turned 70, is Oracle's largest shareholder, with 1.1 billion shares of the company.
Jeff Henley, who has served as Oracle's Chairman for the last 10 years, was appointed Oracle's Vice Chairman of the Board.
