In an unexpected move, Oracle names Clay Magouyrk and Mike Sicilia as co-CEOs

Oracle has replaced Safra Catz, who played a key role in creating the company’s cloud strategy and propelling it to the forefront of the ongoing AI boom with significant contracts, with experts Clay Magouyrk and Mike Sicilia as co-CEOs.

During her 11 years in charge, Catz transformed the business into a cloud powerhouse and contributed to the increase in its market value to around $1 trillion. According to the corporation, she will continue to serve as the vice chair of the board.

As a result of an AI-driven boom, Oracle’s stock has increased by almost 85% this year, outpacing those of its primary competitors, Microsoft and Alphabet. This has allowed co-founder Larry Ellison to challenge Tesla CEO Elon Musk for the title of richest person in the world.

While Magouyrk is in charge of Oracle’s cloud infrastructure platform, which supports these apps, Sicilia is currently in charge of cloud-based apps and AI solutions.

According to Reuters, Oracle is at the forefront of high-profile talks to keep TikTok running in the US, and all user data will be kept on US cloud computing infrastructure that is maintained by Oracle.