Oracle Headquarters in Austin, Texas, April 24th, 2024.
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Oracle The company has promoted the presidents of Cloud Infrastructure, Clay Maguirk and Mike Sicilian industries to co-CEOS, the company announced Monday.
Safra Catz, the current CEO of the software giant, will serve as the executive vice chair for the company committee.
Larry Ellison remains Oracle’s Chairman and Chief Technology Officer. He works outside the company and is helping to fund Skydance Media’s merger with Paramount Global, the parent company of CBS News in August. Combined companyrun by David, Ellison’s son. Warner Bros DiscoveryCNBC reported earlier this month.
Oracle is one of the biggest beneficiaries of the artificial intelligence boom thanks to its cloud infrastructure business and access. nvidia’s Both the graphics processing unit, or the GPU, are required to run large workloads. I like Oracle and other major cloud providers Microsoft, Amazon and Google There is fierce competition for customers.
As president of Oracle’s cloud infrastructure, Magouyrk led the development of the Gen2 platform. Sicilia oversaw Oracle applications for vertical business, from banks to retail.
“A few years ago, Clay and Mike committed Oracle’s infrastructure and applications business to AI.
The company’s shares rose 3% on Monday morning.
Oracle’s stock has skyrocketed 30% over the past month after its first quarter revenue report predicted massive cloud growth from the AI ​​boom. Stocks are up about 85% per year.
The company said its remaining performance obligations, a measure of contract revenue that is not yet recognized, have skyrocketed to $455 billion, an increase of 359% from the previous year. The company also reaffirmed its financial guidance on Monday.
“At this point, it’s the right moment to pass the CEO role to the next generation of capable executives,” Catz said in a statement.
For decades, Oracle has grown by selling licenses to database software that stores and provides data for various processes within the enterprise. The company has also organized applications and middleware. In the early 2010s, Amazon gained a foothold in information technology with cloud-based services for computing, storage and databases, and Oracle set up to build its own cloud. It quickly became unpopular and urged the company to unveil a second-generation infrastructure in 2018.
Oracle’s cloud is associated with young technology companies Tiktok zoom. Real momentum came into play after Openai released ChatGpt in 2022 as Oracle tried to rent an Nvidia graphics chip to train and run AI models. We acquired business from our cloud competitor Microsoft. More recently, Oracle has won a $300 billion contract over five years starting in 2027.
On Monday, Oracle hinted at a transformation of the enterprise into AIRE LED cloud infrastructure, calling webcasts to announce executive transitions as “AI changes everything.”
Clay Magouyrk, senior vice president of cloud infrastructure engineering at Oracle Corp., shortened the photo at his Oracle office in Seattle, Washington, USA on Thursday, July 19, 2018.
Chona Kasinger | Bloomberg | Getty Images
The Cats were named Oracle’s Co-CEO in 2014 along with Mark Heard in 2014 after Ellison stepped down from the role. Heard passed away in 2019, and the Cats continued to lead the company as the sole CEO. Cats joined Oracle in 1999 after 13 years of investment banking at Donaldson, Roofkin and Jenlett, and in 2005 he became Oracle’s finance chief.
According to a filing with the Securities and Exchange Commission, the Cats will leave her role after selling more than $2.5 billion in stake in 2025. She was also one of only 55 women leading the Fortune 500 company.
As CNBC previously reported, Oracle is also involved in the Trump administration’s ongoing negotiations regarding social media platform Tiktok.
Tiktok’s future in the US has been uncertain since 2024, when Congress passed a bill banning the platform unless ordinances by Chinese parent companies were sold from US businesses.
White House press director Karoline Leavitt said on Saturday that Oracle is responsible for maintaining Tiktok data and US privacy. The platform will be owned by an investor consortium, including Oracle and Silver Lake, and Oracle will maintain business with the cloud platform, sources told CNBC’s David Faber.
Oracle also said it was promoting two other executives. Markhula, executive vice president of North American Sales, will become president of Global Field Operations, with Doug Kering, vice president of operations taking on the role of key financial director.
Watch: How Larry Ellison spends billions without selling many Oracle stocks
