Oracle CEO Larry Ellison has agreed to step down.
The co-founder of the software powerhouse, however, will continue as executive chairman of Oracle’s Board and work as chief technology officer.
In the management reshuffle, Oracle has created two CEO positions by promoting co-presidents Mark Hurd and Safra Catz. By doing this, Oracle is following the footsteps of software major SAP that had two CEOs till appointing Bill McDermott as CEO in May.
Oracle CEO Safra Catz will look after manufacturing, finance, and legal functions.
Oracle CEO Mark Hurd will be responsible for sales, service and vertical industry global business units.
Oracle CTO Larry Ellison will handle software and hardware engineering functions.
Safra and Mark will now report to the Oracle Board and not to Larry Ellison.
Ellison, 70, founded the database giant in 1977 and has turned the company into the king of high-end business-focused software.
“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,” said Michael Boskin, Oracle Board’s Presiding Director.
Meanwhile, Oracle said its fiscal 2015 Q1 revenues rose 3 percent to $8.6 billion.
Total Software plus Cloud revenue grew 6 percent to $6.6 billion.
Software-as-a-service (SaaS) and Platform-as-a-service (PaaS) cloud revenue increased 32 percent to $337 million.
Infrastructure-as-a-service (IaaS) cloud revenue grew 26 percent to $138 million.
Hardware systems revenue dipped 8 percent to $1.2 billion.
Oracle net income was unchanged at $2.2 billion.
In Q1, overall cloud services business grew more than 30 percent to $475 million in revenue.
Next week at Oracle Open World, it will roll out its database cloud service.