Larry Ellison steps down as CEO of Oracle

The Oracle Board of directors has moved CEO Larry Ellison to the role of as the executive chairman of the Board and also as the company's chief technology officer (CTO). Meanwhile Jeff Henley, the Oracle's chairman for the past 10 years, has been elected as Oracle's vice chairman of the board.The Oracle Board has also promoted both Safra Catz and Mark Hurd to the position of CEO, Oracle Corporation. All manufacturing, finance, and legal functions will continue to report to Catz while all sales, service and vertical industry global business units will continue to report to Hurd.  All software and hardware engineering functions will be overseen by Ellison.Ellison (pictured) said that whilst "all the other reporting relationships [remain] unchanged", Catz and Hurd will now report to the Oracle Board rather than him. He added that the trio have been "working well together for the last several years...[and that] keeping this management team in place has always been a top priority" of his.The Oracle Board's presiding directorMichael Boskin said, "Ellison has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy."