Larry Ellison steps back from the Oracle spotlight as the AI pivot takes over

Larry Ellell, Oracle’s chairman, CTO, and 40% shareholder, will miss upcoming earnings calls and next month’s user-conference keynotes. Clay Magouyrk and Mike Sicilia have been appointed co-CEOs, with Magouyrk leading the sovereign-cloud unit that opened EU-legal-entity regions in Frankfurt and Madrid in June 2023. Oracle is reducing its workforce by 13%, allocating $2.8 billion to layoffs while borrowing to finance data-center expansion, placing the new leadership under pressure to justify the strategy.