- Oracle appointed Clay Magouyrk and Mike Sicilia as new co-CEOs.
- The leadership change follows Oracle’s succession plan amid an AI-driven growth boom.
- Safra Catz, CEO since 2014, will become executive vice chair of the company’s board of directors.
Oracle has appointed two new co-CEOs, as part of a succession plan put into motion months ago.
Business Insider reported in June that Oracle had promoted cloud boss Clay Magouyrk and head of industries Mike Sicilia to the title of “president” as part of a succession plan, citing SEC filings and people familiar with the plans.
Safra Catz, CEO since 2014, will become executive vice chair of the company’s board of directors, the company announced. Larry Ellison, cofounder and former CEO, will continue as chief technology officer and executive chairman.
The leadership changes come amid an AI-driven growth boom for Oracle. The company’s stock price shot up more than 40%, its largest increase within a single day, earlier this month after it said it expects revenue for its cloud business to jump 77% to $18 billion compared to the previous year, and hit $144 billion by 2030.
Magouyrk is a former Amazon software development engineer who joined Oracle as an individual contributor in 2014. He quickly impressed Ellison and Catz with his ability to deliver results quickly, leading to his rapid ascent through the ranks to preside over Oracle Cloud Infrastructure. His leadership style has at times been controversial.
Sicilia is the executive vice president of Oracle Industries and the executive who has been leading Oracle’s takeover of Cerner. Oracle’s announcement cited Sicilia’s work adding AI agents to cloud applications for industries.
Oracle’s succession plans have followed a similar format throughout the years. The company has used the two-president structure three times.
The first time, it named now Catz as a president along with a previous executive, Charles Phillips Jr. Oracle replaced Phillips with the late Mark Hurd after Hurd left HP. They each had the president title until both were promoted to co-CEOs in 2014 when Ellison stepped back. Hurd died in 2019, and while Ellison considered possible successors, he opted for Catz to remain the company’s sole CEO.
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