Oracle appoints two co-CEO’s in leadership shakeup

Sept. 22 (UPI) — Oracle said Monday it appointed two of its long-time executives to run the artificial intelligence giant in dual roles as co-CEO.

The Texas-headquarted multinational company said Clay Magouyrk and Mike Sicilia will take over as co-CEOs for outgoing CEO Safra Cruz in a leadership shakeup as Oracle seeks to best its direct competitors like Amazon, Microsoft and Google.

In addition, Oracle’s EVP of North American sales Mark Hura was promoted to president of its global field operations. Doug Kehring, Oracle’s operations chief, was promoted to Principal Financial Officer.

Co-founder and ex-CEO Larry Ellison will remain Oracle’s board chair.

Ellison stated that Cruz, Oracle CEO since 2014, will transition to executive vice president chair of the company’s board of directors.

“Humanity is investing enormous resources in the race to advance Artificial Intelligence,” said Ellison, adding that Oracle’s cloud infrastructure has played a “major part” in the ongoing effort.

Sicilia sat as president of Oracle Industries while Magouyrk head of the software giant’s Oracle Cloud Infrastructure unit.

Oracle will serve as security officer in a new agreement that shifts operational control of the wildly popular platform TikTok to U.S. control as the Texas-based Oracle carries on its plan to pump billions in private capital into U.S. artificial intelligence in a joint $500 billion venture with Softbank and OpenAI over the next four years.

Stock shares in Oracle were up 85% so far for the year and with shares rising around 3% on Monday morning trading.

It’s valuation nearly hit one trillion dollars earlier this month after news that Ellison surpassed ex-White House DOGE adviser Elon Musk as the world’s richest person.

Ellison, now chief tech officer, said Monday in a statement that Magouyrk and Sicilia were “committed” to Oracle’s infrastructure and applications businesses, and added that it’s “paying off.”