Oracle on Monday named insiders Clay Magouyrk and Mike Sicilia as co-CEOs, replacing Safra Catz who was named vice chair of the board after 11 years at the helm.
Catz steered Oracle through an industry-wide shift, helping win multi-billion-dollar contracts as companies spend aggressively to secure computing capacity for AI tech.
Shares of the company were down over 1% in premarket trading.
Sicilia oversees cloud-based industry-specific applications and AI solutions across vertical healthcare, financial services, and retail, while Magouyrk manages Oracle's underlying cloud infrastructure platform that powers these applications.
Magouyrk joined Oracle in 2014 from Amazon Web Services while Sicilia joined Oracle through the acquisition of Primavera Systems, the company said.
Oracle also reaffirmed its financial guidance provided earlier this month, where it said it expects booked revenue at its Oracle Cloud Infrastructure business to exceed half a trillion dollars, pushing the stock to record highs.
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