Posted on 09/18/2014 2:35:48 PM PDT by beaversmom
Larry Ellison, a college dropout who built Oracle Corp. ORCL +1.00% into one of America's largest companies, is stepping down as chief executive, in one of the momentous corporate handovers in the history of Silicon Valley.
Mr. Ellison, aged 70, has been the only CEO in the history of Oracle, which he founded in 1977 and turned into a dominant seller of database software with a market value of $182 billion. Oracle shares fell 2% in after-hours trading following the CEO news and the company's disappointing quarterly results.
Mark Hurd, 57, and Safra Catz, 52, two of Mr. Ellison's deputies, will take over as co-CEOs. The two have shared power as Oracle's co-presidents since 2010, when Mr. Ellison hired Mr. Hurd after he left Hewlett-Packard Co. HPQ +0.93% under a cloud of scandal.
Mr. Ellison has been among the last of the founder-CEOs of Silicon Valley's pioneering companies. Bill Gates turned over the CEO post at Microsoft Corp. MSFT +0.34% more than a decade ago. Steve Jobs, the Apple Inc. AAPL +0.21% co-founder, died in 2011 shortly after handing the company to a lieutenant. Hewlett-Packard's executive suite and boardroom no longer include family members of Bill Hewlett or David Packard.
(Excerpt) Read more at online.wsj.com ...
I won’t miss him.
Ugly-a$$ friend of the clintons. Goodbye.
That alone was a surprise to me. I had always thought of him being closer to the age of Sun's Scott McNealy, a mere child at age 59 (I'm older than Larry).
I’m sure he and his family won’t go hungry, along with several generations of his family after him, assuming none of them are idiots and blows the family fortune on some stupid investment, political cause of some kind, or cult....
Another CEO way past his prime.
But at least he's libertarian.
Wikipedia has his net worth at $49.7 Billion.
If the Fed and Congress keeps at it with their games, we’ll probably need $49 billion to buy a house sometime in the future....
Larry is a world class pervert.
This is the same guy who, after the Sept. 11th attacks, offered to step up a National ID card for the government at no charge.
Can’t stand him.
Will he still want to fire people by email as he was known to do?
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