By Associated Press
Oracle co-founder Larry Ellison is ending his 37-year reign as CEO of the business software maker that he co-founded and is handing over the job to his two top lieutenants, Safra Catz and Mark Hurd.
As part of the changing of the guard announced Thursday, Ellison will become Oracle Corp.'s chairman and chief technology officer. Jeff Henley, the company's chairman for the past decade, becomes vice chairman.
[In a statement Oracle released earlier this afternoon, Ellison said: "Safra and Mark will now report to the Oracle Board rather than to me. All the other reporting relationships will remain unchanged. The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine."]
Ellison, 70, is likely to continue to play an influential role at Oracle, given his leadership position on the board and his stature as the company's largest individual shareholder.