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People on the Move: Larry Ellison Steps Down

Ellison OracleLarry Ellison has agreed to step down as chief executive officer at Oracle (ORCL), ending one of the most entertaining and profitable runs for a leader in business history.

Oracle announced Ellison’s departure via a press release delivered on Thursday afternoon after the close of U.S. financial markets. The company said that Ellison will remain chairman of Oracle’s board and take on the role of chief technology officer.  Mark Hurd and Safra Catz, both presidents at. Oracle, will each inherit the CEO title. Catz will remain as chief financial officer.

Source:  Businessweek

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