Oracle Appoints New Co-CEOs Amidst Cloud Business Boom
Oracle Corporation announced on Monday the appointment of Clay Magouyrk and Mike Sicilia as co-Chief Executive Officers, succeeding Safra Catz who will now serve as the Executive Vice Chair of the board.
The leadership transition comes at a time when Oracle, currently valued at $877 billion, has demonstrated impressive returns of over 86% year-to-date.
Magouyrk, 39, previously held the position of President of Oracle Cloud Infrastructure, having joined the company from Amazon Web Services in 2014. He was a key member of the founding team of Oracle’s cloud engineering division and spearheaded the development of the company’s Gen2 platform.
On the other hand, Sicilia, 54, served as the President of Oracle Industries, overseeing software applications for specific business sectors, including the acquisition of health records business Cerner Corp.
The recent changes in leadership reflect Oracle’s aggressive expansion in the AI infrastructure sector. The company recently announced its involvement in the $500 billion Stargate Project alongside OpenAI and SoftBank, and has reportedly secured a $300 billion cloud contract with OpenAI for a period of five years.
Oracle’s remaining performance obligations have skyrocketed to $455 billion, marking a 359% increase from the previous year. “Oracle’s technology and business have never been stronger,” said Catz. “At this time of strength is the right moment to pass the CEO role to the next generation.”
Larry Ellison will continue to serve as the board chairman and chief technology officer.
Source: TechCrunch