Oracle appoints new co-CEOs

Oracle has officially named company insiders Clay Magouyrk and Mike Sicilia as its new co-chief executive officers, replacing Safra Catz, who led the company for 11 years.

Catz will remain with Oracle as vice chair of the board. During her tenure, Catz transformed Oracle from a database provider into a cloud computing competitor, helping drive its market value to nearly $1 trillion. The company's shares have risen about 85% this year amid strong AI-related demand, according to a report by Reuters on the matter.

Magouyrk, who previously managed Oracle's cloud infrastructure, will receive stock options worth $250 million. Sicilia, who oversaw cloud applications and AI products, will receive options worth $100 million, states the Reuters report.

The report also adds that both executives have been key to Oracle's cloud strategy and recent high-profile deals, including discussions to store TikTok's US user data and a reported $300 billion agreement with OpenAI.