""Humanity is investing enormous resources in the race to advance Artificial Intelligence," said Oracle chairman and CTO Larry Ellison. "Clay's years of experience leading Oracle's large, fast-growing Cloud Infrastructure business has demonstrated his readiness for a CEO role." "Mike has spent the last several years modernizing Oracle's Industry applications businesses - including Oracle Health - by completely rebuilding those applications using the latest AI technologies.""
"In a joint statement, the new CEOs said they were "excited to lead Oracle into the AI era.""
Safra Catz stepped down as CEO of Oracle and will remain on the board. Clay Magouyrk and Mike Silica will share the CEO role, receiving stock packages worth $250 million and $100 million respectively. The leadership change aligns with a focus on advancing Oracle's AI strategy after a $300 billion deal with OpenAI and an 85% stock increase this year. Oracle reported quarterly results that included $455 billion in sales not yet counted as revenue, briefly making co-founder Larry Ellison the richest person in the world. Magouyrk led Oracle Cloud Infrastructure; Silica modernized Oracle Industries and built AI agents for key sectors.
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