Oracle promotes two presidents to co-CEO role

Oracle, the software giant, has announced a major leadership change. Safra Catz, who has served as the company's CEO for the past 11 years, will now transition to the role of executive vice chair of the board of directors. Stepping into the CEO role will be two of Oracle's current presidents, Mark Hurd and Rajan Anandan. They will share the responsibilities of the CEO position, becoming co-CEOs of the company. This move comes as Oracle continues to navigate the shifting landscape of the technology industry, particularly the growing importance of cloud computing. The company has faced challenges in recent years, and the new leadership structure is seen as a way to provide a fresh perspective and drive the company's strategic direction. The announcement was made by Oracle's founder and chief technology officer, Larry Ellison, who praised the capabilities of Hurd and Anandan and expressed confidence in their ability to lead the company into the future.