This article first appeared on GuruFocus.
Oracle (ORCL, Financials) said Monday that Clay Magouyrk and Mike Sicilia will become co-chief executives, as longtime CEO Safra Catz shifts into an executive vice chair role on the company’s board.
Magouyrk, who joined Oracle in 2014 from Amazon Web Services, has been leading its cloud infrastructure division one of the company’s main growth engines. Sicilia, who came through the Primavera Systems acquisition, has overseen Oracle’s industry applications business.
Oracle’s CEO since 2014, Catz, will stay engaged in strategy and board decisions. After co-CEO Mark Hurd died, she led Oracle into cloud computing and corporate software.
Shares of Oracle slipped about 0.7% in premarket trading after the news. The appointments mark a rare move to a co-CEO structure, with both Magouyrk and Sicilia expected to share responsibility as Oracle steps up competition in cloud services and artificial intelligence.
