Oracle has announced that Safra Catz is stepping down as CEO after 11 years at the helm, with insiders Clay Magouyrk and Mike Sicilia being promoted as co-CEOs. Magouyrk previously led Oracle’s cloud infrastructure unit, while Sicilia presided over the company’s applications and AI products. The co-CEOs are now focused on leading Oracle “into the AI era,” according to a joint statement, with the company having signed a $300 billion computing power deal with OpenAI last week.

“Today, Oracle is recognized as the cloud of choice for both AI training and inferencing. I’m very proud of that,” said Catz. “Oracle’s technology and business have never been stronger. And our breathtaking growth rate points to an even more prosperous future. At this time of strength is the right moment to pass the C

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