Oracle splits CEO role as Safra Catz steps down

{"text":[[{"start":8.28,"text":"Oracle’s Safra Catz is stepping down as chief executive, with the US software group splitting the role between two top lieutenants, as it accelerates its shift into the infrastructure powering the artificial intelligence boom."}],[{"start":22.67,"text":"Clay Magouyrk and Mike Sicilia would become co-chief executives, Oracle said on Monday. Catz, who has been CEO since 2014, will become executive vice-chair of the board."}],[{"start":36.25,"text":"The management shake-up comes just over a week after Oracle’s latest quarterly results highlighted how it has benefited from a groundswell in demand for data centre infrastructure from AI start-ups and other major technology groups."}],[{"start":51.14,"text":"Magouyrk, 39, is head of Oracle’s data centre business and joined the company from Amazon in 2014. Sicilia, 51, leads Oracle’s applications business."}],[{"start":65.14,"text":"Magouyrk will receive a stock package worth $250mn, while Sicilia’s is smaller at $100mn, according to SEC filings. Both will vest over a four-yer period and a portion will be subject to meeting performance targets."}],[{"start":83.03,"text":"“Safra led Oracle as we became a hyperscale cloud powerhouse — clearly demonstrated by our recent results,” said Larry Ellison, Oracle’s chair and biggest shareholder. “In her role as vice-chair, Safra and I will be able to continue our 26-year partnership — helping to guide Oracle’s direction, growth and success.”  "}],[{"start":106.57,"text":"Catz told analysts on Monday that she was in the process of engaging customers on the change and would remain an active employee. “Oracle red runs through my blood,” she said. “You want to make a transition like this when things are great.”"}],[{"start":122.10999999999999,"text":"Oracle shares have surged more than 80 per cent this year as the company, which began as a provider of business software and was late to pivot into cloud computing, has convinced investors the shift is paying off."}],[{"start":135.79999999999998,"text":"The gains in Oracle’s share price briefly propelled Ellison above Elon Musk as the world’s richest person this month."}],[{"start":null,"text":"

"}],[{"start":143.39999999999998,"text":"Catz has overseen a radical transformation of the company into a cloud-oriented business, securing major contracts from AI start-ups including OpenAI. AI companies rely on Oracle’s servers to train its large language models."}],[{"start":159.04999999999998,"text":"The company’s decision to appoint co-chief executives mirrors its earlier management structure. Catz was appointed jointly with former HP executive Mark Hurd in 2014 after Ellison stepped down from the post after several decades in charge. Hurd died from cancer in 2019. "}],[{"start":180.77999999999997,"text":"Oracle signed a five-year deal with OpenAI worth $300bn this year, representing a bulk of the start-up’s high-profile commitments towards their AI infrastructure project dubbed Stargate."}],[{"start":195.95999999999998,"text":"Both Catz and Ellison are prominent Republican backers and have a close relationship with US President Donald Trump. They remain allies of the sitting president and have positioned Oracle as a leading figure in a deal to spin out TikTok’s US arm."}],[{"start":212.89,"text":"Oracle is expected to take a stake in the new business as part of a consortium of American investors following a forced divestiture by ByteDance, the company’s Chinese parent, according to White House officials. The company is also expected to play a prominent role storing user data and managing the app’s addictive algorithm."}],[{"start":234.51999999999998,"text":"Oracle on Monday also announced that Mark Hura, head of North America sales, would take charge of global field operations. Doug Kehring, executive vice-president of operations, would take on the role as principal financial officer, Oracle said."}],[{"start":258.05999999999995,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1758586402_8274.mp3"}