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Oracle shares have risen this year as the software provider benefited from the AI boom.-
Oracle Monday named two new co-CEOs, including the former head of its cloud infrastructure business, to take over from Safra Catz as the software firm boosts its bets on AI.
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Oracle said Monday that Clay Magouyrk, president of Oracle’s cloud infrastructure business, and Mike Sicilia, president of Oracle Industries, will be co-CEOs.
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Oracle shares have surged this year as the AI boom boosted its cloud computing business.
Oracle (ORCL) Monday named two new CEOs, including the former head of its cloud infrastructure business, to take over from Safra Catz as the software firm boosts its bets on AI.
Oracle said Monday that Clay Magouyrk, president of Oracle’s cloud infrastructure business, and Mike Sicilia, president of Oracle Industries, will be CEOs. Catz, who has been CEO of the firm since 2019 and was named co-CEO in 2014, will shift to a role as executive vice chair of the software company.
Oracle shares have surged this year as the artificial intelligence (AI) boom boosted its cloud computing business, with the company recently saying that its backlog swelled to $455 billion after it signed four multibillion-dollar cloud deals in its fiscal first quarter.
"Safra led Oracle as we became a hyperscale cloud powerhouse—clearly demonstrated by our recent results. In her role as Vice Chair, Safra and I will be able to continue our 26-year partnership—helping to guide Oracle's direction, growth and success,” co-founder Larry Ellison said Monday.
Ellison has also been touted as a member of a U.S. investor group that will control the U.S. operations of Chinese-owned ByteDance, TikTok's parent company.
Oracle shares added over 6% Monday and have nearly doubled in value this year.
This article has been updated since it was first published to reflect more recent stock prices.
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