The Oracle headquarters in Austin, Texas, on April 24, 2024.
Brandon Bell | Getty Images
Oracle is promoting its presidents of cloud infrastructure, Clay Magouyrk, and industries, Mike Sicilia, to co-CEOs, the company announced Monday.
Safra Catz, the software giant’s current CEO, will serve as executive vice chair on the company board.
Oracle has been one of the biggest benefactors of the artificial intelligence boom thanks to its cloud infrastructure business and its access to Nvidia’s graphics processing units, or GPUs, which are both needed to run large workloads. Oracle and other major cloud providers like Microsoft, Amazon and Google are in a fierce competition for customers.
Shares of the company fell over 1% in premarket trading on Monday morning.
Oracle’s stock has surged 30% in the past month after its first-quarter earnings report projected massive cloud growth from the AI boom. Shares are up about 85% for the year. Oracle said that its remaining performance obligations, a measure of contracted revenue that has not yet been recognized, soared to $455 billion, up 359% from a year earlier.
In a statement, Oracle founder and Chief Technology Officer wrote, “Clay’s years of experience leading Oracle’s large, fast-growing Cloud Infrastructure business has demonstrated his readiness for a CEO role. Mike has spent the last several years modernizing Oracle’s Industry applications businesses—including Oracle Health—by completely rebuilding those applications using the latest AI technologies. A few years ago, Clay and Mike committed Oracle’s Infrastructure and Applications businesses to AI—it’s paying off.”
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