Larry Ellison hands over the reins of Oracle

Oracle founder and leader Larry Ellison has stepped down as CEO of the business software company, paving the way for a new generation of executives and ending one of the most lucrative careers in corporate leadership.

Mark Hardt and Safra Katz, until now co-chairmen of Oracle, are both taking on the role of CEO, with complementary responsibilities: Hardt will be responsible for sales, marketing and strategy, while Katz will head up finance and oversee legal and manufacturing processes.

Ellison will become chairman of the company, replacing Jeff Hanley, and will retain oversight of technology.

Larry Ellison turned 70 last month. He co-founded Oracle in 1977 and has been the company's CEO ever since.

In the 35-plus years under his leadership, the company emerged as the largest database software manufacturer and one of the largest in the business software sector.

Oracle has a market capitalization of over $185 billion and generates annual revenue of $38 billion.

Ellison himself became the fifth richest person in the world, with a fortune estimated at $51 billion, according to the relevant Forbes list.

As Bloomberg notes, Larry Ellison is one of the big names in the technology industry, who linked their paths with the era of personal computers and software development.

Gradually, many of these figures are withdrawing from the spotlight, in one way or another.

Source: tech.in.gr