Oracle Appoints Clay Magouyrk and Mike Sicilia as Co-CEOs

Oracle stated on Monday that Clay Magouyrk, its president of cloud infrastructure, and Mike Sicilia, its president of industries, will be promoted to co-CEO.

The current CEO of the software giant, Safra Catz, will take on the role of executive vice chair on the board.

Larry Ellison will continue to serve as the chairman of Oracle’s board and as its chief technology officer. He has been involved beyond the corporation, having contributed to the funding of Skydance Media’s August merger with Paramount Global, the parent company of CBS News. According to a CNBC story earlier this month, the united business, which is currently considering purchasing Warner Bros. Discovery, is led by Ellison’s son, David.

Oracle has benefited greatly from the artificial intelligence boom because of its cloud infrastructure business and its access to Nvidia’s GPUs, or graphics processing units, which are essential for handling heavy workloads. Oracle is vying for clients with other big cloud service providers like Microsoft, Amazon, and Google.

In his role as head of cloud infrastructure at Oracle, Magouyrk oversaw the creation of the Gen2 platform. Sicilia was in charge of Oracle’s applications for vertical industries, including retail and banking.

Larry Ellison, the founder and chief technology officer of Oracle, stated in a statement that “Clay and Mike committed Oracle’s Infrastructure and Applications businesses to AI a few years ago—it’s paying off.”

On Monday morning, the company’s shares increased by 3%.

After Oracle’s first-quarter earnings report predicted enormous cloud growth from the AI boom, the company’s stock has jumped 30% in the last month. For the year, shares have increased by around 85%.

According to the corporation, its remaining performance obligations—a gauge of contracted revenue that hasn’t been realized yet—rose to $455 billion, a 359% increase from the previous year. On Monday, the business also reiterated its financial projections.

According to a statement from Catz, “at this time is the right time to pass the CEO role to the next generation of capable executives.”

Oracle grew for decades by selling database software that stores and serves data for various internal business activities. The business also fielded middleware and apps. Oracle started building its own cloud in the early 2010s as a result of Amazon’s growing presence in the information technology industry through its cloud-based computing, storage, and database services. Due to its lack of popularity right away, the company released a second generation of infrastructure in 2018.

Young internet firms TikTok and Zoom started doing business using Oracle’s cloud. As Oracle looked to lease Nvidia graphics chips for AI model training and operation, OpenAI’s 2022 release of ChatGPT provided the true impetus. Microsoft, a rival in the cloud, gave it business. More recently, in 2027, Oracle agreed to a five-year, $300 billion contract with OpenAI.

By referring to its webcast announcing the management shift as “AI Changes Everything,” Oracle alluded to its corporate transformation toward AI-led cloud infrastructure on Monday.

When Ellison resigned as CEO of Oracle in 2014, Catz and Mark Hurd were appointed co-CEOs. Following Hurd’s death in 2019, Catz remained the company’s only CEO. Having worked in investment banking for 13 years at Donaldson, Lufkin & Jenrette, Catz joined Oracle in 1999 and rose to the position of finance head in 2005.

In 2025, Catz sold more than $2.5 billion worth of stock, according to Securities and Exchange Commission filings, and left her position. To top a Fortune 500 company, she was one of only 55 women.

As previously reported by CNBC, Oracle is also a party to ongoing negotiations with the Trump administration regarding the social media company TikTok.

Since Congress passed a bill in 2024 that would have banned TikTok unless its Chinese parent firm ByteDance sold out its U.S. operations, the platform’s future in the United States has been dubious.

Oracle will be in charge of protecting TikTok’s data and privacy in the United States, according to White House press secretary Karoline Leavitt on Saturday. According to sources who spoke to CNBC’s David Faber earlier this month, Oracle will maintain its cloud agreement with the platform, which will be owned by an investor consortium that also includes Silver Lake.

Additionally, Oracle announced the promotion of two other executives. Doug Kehring, executive vice president of operations, will take over as principal financial officer, and Mark Hura, executive vice president of North America sales, will become president of global field operations.