Leadership Transition at Oracle: Safra Catz Steps Down, AI-Experts Take Charge
Oracle recently announced a significant leadership transition. Safra Catz, the longstanding CEO, is stepping down after an impressive 11-year tenure. The company has appointed Clay Magouyrk and Mike Sicilia as the new co-CEOs. This change comes as Oracle approaches a near-trillion-dollar valuation and fortifies its position in the AI and cloud computing markets.
Catz, who will continue her journey with Oracle as the Executive Vice Chair, played a pivotal role in transforming Oracle from a legacy software provider into a hyperscale cloud powerhouse. Her leadership led to securing major deals with industry giants like OpenAI, Meta, and TikTok. Recent quarterly results highlight the success of this transformation, with cloud infrastructure revenue up by 55% to $3.3 billion and pending contracts surging by a staggering 359% to $455 billion.
The newly appointed co-CEOs, Magouyrk and Sicilia, bring a wealth of technical expertise in AI and cloud infrastructure. Magouyrk, an ex-Amazon Web Services employee, now leads Oracle’s cloud infrastructure business and has been granted stock options worth $250 million. Sicilia, the former President of Oracle Industries, has received $100 million in stock options. Both executives are gearing up to drive Oracle’s growth strategy in the AI era.
Source: TechCrunch