Oracle appears to have named two new presidents
Oracle appears to have appointed two new presidents.
The company filed two filings with the Securities and Exchange Commission listing cloud boss Clay Magouyrk and head of industries Michael Sicilia as "president." The forms don't explicitly mention a promotion, but the executives haven't been previously listed as "presidents," according to a person familiar with the matter.
The executives, according to that person, are considered part of a succession plan for Larry Ellison. Ellison is Oracle's cofounder and former CEO who now serves as chief technology officer and executive chairman.
Oracle CEO Safra Catz was previously a co-president along with the late Mark Hurd. They shared the title until both were promoted to co-CEOs in 2014 when Ellison stepped back. Hurd died in 2019, and while Ellison considered possible successors, he opted for Catz to remain the company's sole CEO.
Magouyrk is a former Amazon software development engineer who joined Oracle as an individual contributor in 2014. He quickly impressed Ellison and Catz with his ability to deliver results quickly, leading to his rapid ascent through the ranks to preside over Oracle Cloud Infrastructure. His leadership style has at times been controversial.
leading Oracle's takeover of Cerner.
The executives will help lead Oracle as it gains traction in the cloud-computing market. Oracle shares hit a record high this week after beating analyst estimates and raising its revenue forecast.
Piper Sandler analysts wrote in a note after the earnings release that the company "has entered an entirely new wave of enterprise popularity that it has not seen since the Internet era in the late '90s."
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