Oracle Corp. announced on Monday the promotion of Clay Magouyrk and Mike Sicilia to the roles of co-chief executive officers, with the company’s stock increasing more than 3 percent on the heels of the announcement.

Magouryrk is based in Oracle's Nashville office and holds a degree in electrical engineering from the University of Memphis.

Relatedly and according to a release, Safra Catz, who has served as Oracle's CEO since 2014, has been appointed to serve as executive vice chair of the multinational technology company’s board of directors.

Shares of Oracle (ticker: ORCL ) were trading at $318.30, up 3.12 percent (the equivalent increase of $9.71 per share) at publication time.

Based in Austin, Oracle plans to eventually relocate its international headquarters to Nashville and is

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