Oracle chief Larry Ellison is stepping aside as chief executive of the software giant after occupying the top position for 37 years.
Ellison, who is estimated to be the world's fifth richest man, will now hold the position of Chairman and Chief Technology Officer and will continue to have an influential presence at the company, the BBC reported.
A statement released by Oracle named Mark Hurd and Safra Catz as successors and co-chief executives.
The 70-year-old had co-founded Oracle along with Bob Miner and Ed Oates in 1977.
The statement quoted Oracle board president Michael Boskin as saying that Ellison would continue working full time and will focus on product engineering, technology development and strategy.
Catz will be responsible for running the manufacturing, legal and finance operations at Oracle, while Hurd will be in charge of the sales, service and business units.
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