Oracle co-founder Larry Ellison is to become the company’s Executive Chairman of the Board and Chief Technology Officer after giving up his CEO duties.

The executive, who steps down as CEO after 35 years, started the IT vendor in 1977 but did not give a specific reason for his change of role.

All software and hardware engineering functions will continue to report to Ellison as Chairman and CTO.

Safra Catz and Mark Hurd have been promoted to co-CEOs. Catz will look after manufacturing, finance, and legal functions, while Hurd will take charge of sales, service and vertical industry global business units.

The news came as Oracle reported revenues in the three months to June rose three percent year-on-year to $8.6 billion (€6.7 billion).

Ellison commented: "Safra and Mark will now report to the Oracle Board rather than to me. All the other reporting relationships will remain unchanged. The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine."

Oracle Board's Presiding Director, Dr Michael Boskin, added: "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.

"Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future."

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