Larry Ellison (Photo: Oracle)
Larry Ellison (Photo: Oracle)

Oracle Co-Founder Larry Ellison will be stepping down from his job as CEO today, the company announced. His role will be taken over by company President Mark Hurd and Chief Financial Officer Safra Katz, who will serve as co-CEOs of the technology giant.

Ellison’s departure marks the first CEO change in the company’s history. Ellison had stayed in the top spot ever since he founded Oracle as Software Development Laboratories in 1977. He won’t be departing the company entirely, though: Ellison will stay on as Executive Chairman of the board and Chief Technology Officer. Jeff Henley, who served as Oracle’s Chairman for the past 10 years, will continue on as Vice Chairman.

“Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy,” Dr. Michael Boskin, the Oracle Board’s Presiding Director, said in a press release. “Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company.”

A leadership shake-up wasn’t entirely unexpected. Hurd, who joined Oracle after resigning as the CEO of Hewlett-Packard, had taken over much of the company’s day-to-day operations from the now 70-year-old Ellison, according to a report by Re/code.

Ellison has been known for his outspoken and combative demeanor, taking several opportunities over the years to needle Microsoft, saying that he expected his company to surpass the Redmond-based computer giant. That prediction hasn’t come to pass, but Microsoft and Oracle did decide to partner in order to provide Oracle’s 12c database to Azure customers.

As of this writing, Oracle’s stock is down more than 2 percent in after hours trading.

Like what you're reading? Subscribe to GeekWire's free newsletters to catch every headline

Job Listings on GeekWork

Find more jobs on GeekWork. Employers, post a job here.