Larry Ellison, the CEO of Oracle, has stepped down as CEO of Oracle.
Mark Hurd and Safra Catz were both subsequently named as the head of the software giant.
CNBC reported the development involving Ellison, 70, Thursday afternoon.
“Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy,” Dr. Michael Boskin, who heads Oracle’s board, wrote in a press release.
“Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The Directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future,” Boskin continued.
Ellison, who owns one of the largest yachts on Earth, is said to be the fifth wealthiest person, with a net worth of about $48 billion.
The yacht, called the Rising Sun, is 453-feet-long and reportedly cost about $200 million to build. It’s the 10th largest in the world.
Oracle billionaire, Larry Ellison’s 453ft, $200 million yacht! #RisingSun pic.twitter.com/xWO9pGkwlo
— Derrik Netten (@CoachDNett) November 24, 2013
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AP update: Oracle adds copyright to claims against Oregon
PORTLAND, Ore. (AP) — Oracle America has amended its lawsuit against Oregon over the state’s troubled health insurance website.
The company’s new complaint adds an allegation of copyright infringement on top of the earlier accusations that Oregon breached contracts and failed to act in good faith. The amended suit was filed last week in federal court in Portland.
Oracle filed for protections from the U.S. Copyright Office shortly before filing its amended complaint. The company says Oregon cannot use or modify Oracle’s software because the state has not fully paid for the workOracle performed.
Oregon has separately sued Oracle in state court alleging racketeering, fraud and false claims. The state has asked a judge to dismiss or delay the federal case while the state case advances.
