Larry Ellison is stepping aside as CEO of Oracle, the business software maker he founded in 1977. But he's not going far: Ellison will reclaim the title of chairman and is also taking the role of chief technology officer. Oracle says Ellison wants to focus on product engineering, technology development, and strategy. The company will now have two co-CEOs: Safra Catz and Mark Hurd, who have been co-presidents since 2010. Ellison, a college dropout, had been one of the last of pioneering CEOs of Silicon Valley to retain the title, notes the Wall Street Journal, which observes that the move comes at a "delicate point" for Oracle.
The company "has struggled recently with choppy sales as Mr. Ellison rewired the company's software to be accessed from remote computers and paid for as a subscription—part of the broad trend known as 'cloud' technology," writes Shira Ovide. Going forward, Catz will be in charge of the company's manufacturing, finance, and legal functions. Hurd will be in charge of sales, service, and other global business units.