Oracle’s CEO Larry Ellison is stepping down, the technology giant announced on September 18.
Mark Hurd and Safra Catz have been named as successors, with both being given the chief executive title.
Larry Ellison, who is estimated to be the world’s fifth wealthiest man, will stay on as executive chairman and chief technology officer.
He co-founded what would become Oracle with Bob Miner and Ed Oates in 1977.
Larry Ellison co-founded what would become Oracle with Bob Miner and Ed Oates in 1977 (photo Forbes)
In a statement, Oracle board president Michael Boskin said: “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.
“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.”
Safra Catz will run the manufacturing, legal and finance operations of Oracle whereas Mark Hurd will be in charge of the sales, service and business units.
The software and hardware engineering teams will continue to report to Larry Ellison.
“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,” said Larry Ellison.
Shares in Oracle dipped 3% in trading after markets had closed, before recovering slightly.
[youtube cGRPqtLo5Qk 650]
Technology titan Bill Gates has been listed by Forbes magazine as the wealthiest American for the 19th year in a row, with a fortune of $66 billion, up $7 billion from last year.
There was no change in the order of the top five richest from a year earlier.
The total wealth of the US super-rich grew 13% to $1.7 trillion, with the top 400 worth an average $400 million more in 2012.
The group’s assets are worth as much as one eighth of the US economy, and grew much faster than the economy at large.
Bill Gates has been listed by Forbes magazine as the wealthiest American for the 19th year in a row
According to the Forbes 400 list of the richest people in America, the average net worth of a person on the list was $4.2 billion.
In second place with a fortune of $46 billion was investment guru Warren Buffett, who is chairman and chief executive of the insurance conglomerate Berkshire Hathaway.
He was followed by Larry Ellison, head of software maker Oracle Corp, worth $41 billion.
David and Charles Koch of the energy and chemical business group Koch Industries were tied in fourth place with $31 billion.
The majority of those on Forbes‘ list became richer in 2012. Two hundred and forty-one members of the group saw their wealth increase, while just 66 saw it shrink.
Casino magnate Sheldon Adelson and financier George Soros dropped from the ranks of the top 10 into 12th place compared with a year ago.
But the biggest drop was seen by Facebook founder and chief executive, Mark Zuckerberg, who fell from 14th to 36th place in the wake of a disappointing stock market listing of his company.
He lost nearly half his fortune, which is now worth an estimated $9.4 billion.
Four members of one family – the heirs to the Walmart fortune – are in the top 10.
Top 10 Forbes list:
1. Bill Gates, co-founder and chairman of Microsoft, $66 billion
2. Warren Buffett, chairman and chief executive of Berkshire Hathaway, $46 billion
3. Larry Ellison, co-founder and chief executive of Oracle, $41 billion
4. Charles Koch, chairman and chief executive of Koch Industries, $31 billion
5. David Koch, co-owner and executive vice-president of Koch Industries, $31 billion
6. Christy Walton & family, heiress to Walmart fortune, $27.9 billion
7. Jim Walton, heir to Walmart fortune and chairman of Arvest Bank, $26.8 billion
8. Alice Walton, heiress to Walmart fortune, $26.3 billion
9. S Robson Walton, heir to Walmart fortune, $26.1 billion
10. Michael Bloomberg, founder and principal owner of Bloomberg LP, $25 billion.