Oracle CEO Larry Ellison Stepping Down

Ellison’s departure is sure to have "repercussions," tech industry expert says

Oracle CEO Larry Ellison, a Silicon Valley icon, is stepping down, effective immediately, the Redwood Shores company announced on Thursday.

Ellison will become executive chairman and continue to work as the company's chief technology officer, but he will be formally replaced by Mark Hurd and Safra Catz. Oracle's Board of Directors announced in a statement it had elected Ellison to the position of Executive Chairman of Oracle's board and appointed him the company's Chief Technology Officer.

"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, the current director of Oracle's board, said in the statement.

"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 said.

Before being promoted, Catz and Hurd were Oracle's co-presidents. Ellison founded Oracle Corp. in 1977. In 2014, Forbes listed him as the third-wealthiest man in America and the fifth-wealthiest person in world, with a net worth of $51.3 billion. When he's out of the boardroom, Ellison is known for his love of yachting. He brought the America's Cup race to San Francisco.

"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. Keeping this management team in place has always been a top priority of mine," Ellison said in the statement.

Tech industry experts said Thursday that Ellison stepping aside, even a little bit, could have serious implications for Silicon Valley.

“There’s an old joke in Silicon Valley -- What’s the difference between God and Larry Ellison? God doesn’t think he’s Larry Ellison," said Rich Jaroslovsky, chief journalist for SmartNews.

Jaroslovsky then quipped: "But God doesn't retire."

That joke has even become the title of a book, where reporter Mike Wilson described Ellison as the tech world’s Warren Beatty: “racing yachts, buying jets, and romancing beautiful women.”

Ellison, the wealthiest man in California, according to Forbes, is among the “last generation of swashbucklers,” and his departure from Oracle is sure to have “repercussions,” Jaroslovsky said.

Jaroslovsky did not know why he was stepping down, but he did say the 70-year-old Ellison’s intentions might be “admirable.”

“Perhaps he’s one of those founders who wants to exit gracefully,” Jaroslovsky said. “Bill Gates did it. But the list of those greats who leave by their own choice is a list that’s not very long.” 

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