There has been a drastic change in the management authority in one of the biggest software giant, Oracle. After serving of 37 years with utmost dedication and dignity, CEO of Oracle, Larry Ellison has stepped aside from his position. Mr. Ellison, who is thought to be the fifth richest man in the world, has taken this decision to step down from his position; but not going anywhere from Oracle. He will be taking care of its technological sector to get a big improvement in this area. Larry Ellison; aged 70, along with Ed Oates and Bob Milner had initiated the foundation of Oracle in the year of 1977. Mr. Ellison is going to be Oracle’s Chairman and also will focus on Oracle’s technology.
Being a college dropout, Mr. Ellison had worked on various projects based on software in the 1970s. Forbes Magazine has placed Larry Ellison in the fifth richest man in the world with a fortune worth of $51.3 billion. He owns around 25% wealth of the Oracle company. He co founded this software company with $1200 of his own. He said, “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”. He is going to work in the technological department of Oracle where they believe to have a lot of scope to work on and as a result of this, they can grab a large market share in the software industry. Daniel, a reputed analyst from FBR Capital Markets said, “While there was some speculation Larry could step down, the timing is a bit of a head scratcher in our opinion”. Mr. Ellison had been a close friend of Steve Jobs, the co-founder of the Apple Inc.
While Mr. Ellison is going aside, Mark Hurd & Safra Catz have been nominated as his successors by becoming co chief executives. Mark Hurd, 57, had been the CEO of HP from the year of 2005 to 2010. And Safra Catz had been at Oracle for about 15 years. She has the responsibility to look after the manufacturing, legal and finance division of Oracle.
In an official statement, Michael Boskin, Oracle Board President announced, “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”.
The continuous falling cost of computer software can put these two persons in a difficult position to put their feet in to the shoes of Mr. Ellison. Oracle had made its fortune by selling to individual customer their proprietary database. But accessibility of free alternatives will make their time a very hard one. But as Larry Ellison has taken the technological part in to his concern, so there is expected to be more to come from Oracle.