Larry Ellison, co-founder of Oracle and the tech industry’s second-richest man, has stepped aside as chief executive of the US database software company to take on a new role as its chairman and chief technology officer.
The move closely mirrors the decision 14 years ago by Bill Gates, long Mr Ellison’s arch nemesis in the software world, to hand over the reins at Microsoft while keeping control of its technical direction and taking charge in the boardroom.
Oracle, whose stock market value of $182bn puts it second only to Microsoft, will be run instead by joint chief executives, an arrangement that remains extremely rare in corporate America.
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