Oracle Names Co-CEOs Magouyrk Sicilia with $350M Stock Options Amid AI-Driven Growth

Oracle has announced a significant leadership change with longtime CEO Safra Catz stepping down to become executive vice chair, succeeded by two co-CEOs: Clay Magouyrk, president of cloud infrastructure, and Mike Sicilia, president of Oracle Industries. This leadership restructuring aims to combine Sicilia's veteran industry experience with Magouyrk's cloud-native expertise to drive Oracle's growth in the AI and cloud computing sectors. Oracle's stock has surged approximately 90% this year, reflecting strong investor confidence fueled by a booming AI market and a $455 billion business backlog supported by multiple multibillion-dollar cloud contracts. Larry Ellison, Oracle's co-founder and CTO, praised Catz's role in transforming Oracle into a hyperscale cloud provider and expressed optimism about the company's future under the new leadership. Additionally, Oracle is reportedly part of a U.S. consortium set to take control of TikTok's U.S. assets, highlighting its expanding role in the tech industry. The company's strategic pivot towards AI and cloud is seen as a catalyst for sustained growth and innovation.