Oracle named Clay Magouyrk and Mike Sicilia as co-CEOs on Monday, replacing Safra Catz after her 11-year tenure leading the company’s transformation into a cloud and AI powerhouse. Catz, who helped drive Oracle’s market capitalization close to $1 trillion and oversaw more than 586% stock growth since 2014, will stay on as vice chair, according to Reuters. Shares are up 85% this year, outperforming Microsoft and Alphabet. Sicilia will continue overseeing Oracle’s cloud-based apps and AI products, while Magouyrk will manage its infrastructure platform. Oracle reaffirmed its forecast for booked revenue at its cloud infrastructure unit to surpass half a trillion dollars and cited its $300 billion OpenAI contract as a major growth driver. Both co-CEOs were awarded large stock option packages, signaling Wall Street’s focus on cloud computing and AI expansion.
