The Oracle headquarters in Austin, Texas, on April 24, 2024.
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Oracle is promoting its presidents of cloud infrastructure, Clay Magouyrk, and industries, Mike Sicilia, to co-CEOs, the company announced Monday.
Safra Catz, the software giant’s current CEO, will serve as executive vice chair on the company board.
Oracle has been one of the biggest benefactors of the artificial intelligence boom thanks to its cloud infrastructure business and its access to Nvidia’s graphics processing units, or GPUs, which are both needed to run large workloads. Oracle and other major cloud providers like Microsoft, Amazon and Google are in a fierce competition for customers.
As Oracle’s cloud infrastructure president, Magouyrk led the development of its Gen2 platform. Sicilia oversaw Oracle’s applications for vertical businesses, from banking to retail.
Shares of the company fell over 1% in premarket trading on Monday morning.
Oracle’s stock has surged 30% in the past month after its first-quarter earnings report projected massive cloud growth from the AI boom. Shares are up about 85% for the year.
Oracle said that its remaining performance obligations, a measure of contracted revenue that has not yet been recognized, soared to $455 billion, up 359% from a year earlier. The company also reaffirmed its financial guidance on Monday.
Clay Magouyrk, senior vice president of engineering for cloud infrastructure at Oracle Corp., stands for a photograph at an Oracle office in Seattle, Washington, U.S., on Thursday, July 19, 2018.
Chona Kasinger | Bloomberg | Getty Images
Catz was named co-CEO of Oracle in 2014 alongside Mark Hurd after Oracle founder and Chief Technology Officer Larry Ellison stepped down from the role. Hurd died in 2019, and Catz continued to lead the company as its sole CEO.
“A few years ago, Clay and Mike committed Oracle’s Infrastructure and Applications businesses to AI—it’s paying off,” Ellison said in a statement.
Oracle is also involved in the Trump administration’s ongoing negotiations around the social media platform TikTok, as CNBC has previously reported.
TikTok’s future in the U.S. has been uncertain since 2024, when Congress passed a bill that would ban the platform unless its Chinese parent company ByteDance divested from U.S. operations.
White House press secretary Karoline Leavitt on Saturday said Oracle will be responsible for maintaining TikTok’s data and privacy in the U.S. The platform will be owned by an investor consortium that includes Oracle and Silver Lake, and Oracle will keep its cloud deal with the platform, sources told CNBC’s David Faber earlier this month.
