Oracle (NYSE: ORCL) announced on Monday that insiders Clay Magouyrk and Mike Sicilia have been elevated to the role of co-CEOs, succeeding longtime chief executive Safra Catz, who is stepping down after more than a decade at the helm. Catz, widely credited with transforming Oracle from a database provider into a major force in cloud computing and AI, will remain with the company as vice chair of the board.
During her 11-year tenure, Catz aggressively repositioned Oracle, pushing it into the cloud infrastructure market and competing head-on with giants such as Microsoft and Alphabet. Her leadership helped grow Oracle’s market capitalization close to $1 trillion. “Investors are already familiar with both Mr. Magouyrk and Mr. Sicilia and that their promotions solidify the importance of the Cloud and Industry businesses as the growth levers for the company,” analysts at Evercore ISI noted. They added, “The bottom line is that with Larry remaining at CTO and Safra as Executive Vice Chair, we expect a smooth transition in the near-term.”
Oracle’s stock has surged about 85% this year amid AI-driven demand, outperforming rivals and fueling co-founder Larry Ellison’s climb in wealth rankings alongside Elon Musk. The company recently reaffirmed its financial outlook, projecting that booked revenue from its Oracle Cloud Infrastructure (OCI) business will exceed half a trillion dollars, propelling its stock to record highs. Reports also suggest Oracle has signed a landmark deal with OpenAI, with ChatGPT’s creator expected to purchase $300 billion worth of computing power over five years—potentially one of the largest cloud agreements in history.
Magouyrk, 39, currently leads Oracle’s cloud infrastructure division, while Sicilia, 54, oversees cloud-based applications and AI products. Their promotions underscore the increasing centrality of cloud computing in Oracle’s growth strategy. Both executives have long histories with the company—Magouyrk joined in 2014 from Amazon Web Services, while Sicilia came through the acquisition of Primavera Systems. As part of their new roles, Magouyrk will receive stock options worth $250 million, while Sicilia will be granted $100 million in options.
Catz leaves behind a legacy of bold acquisitions, a 586% rise in Oracle’s stock during her tenure, and recognition as one of the most influential female executives in technology. With a net worth of $3.3 billion, she ranks 15th on Forbes’ list of America’s richest self-made women.
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