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**Oracle Shakes Up Leadership, Names Co-CEOs as AI Boom Fuels Cloud Growth**

**Redwood Shores, CA -** Oracle announced a significant leadership change on Monday, appointing Clay Magouyrk, president of cloud infrastructure, and Mike Sicilia, president of industries, as co-CEOs. Current CEO Safra Catz will transition to the role of executive vice chair on the company board.

The move comes as Oracle rides a wave of growth fueled by the increasing demand for its cloud infrastructure, particularly in the booming artificial intelligence sector. Oracle’s access to Nvidia GPUs, essential for handling demanding AI workloads, has positioned it as a key player in the competitive cloud market alongside rivals like Microsoft, Amazon, and Google.

Magouyrk’s leadership in developing Oracle’s Gen2 cloud platform is seen as a key factor driving the company’s success. Oracle founder Larry Ellison praised the pair’s commitment to AI, noting its significant payoff.

The leadership announcement follows a surge in Oracle’s stock price. Shares have climbed 30% in the past month and are up approximately 85% this year, driven by strong first-quarter earnings projections fueled by cloud growth linked to AI. The company also reported a staggering 359% year-over-year increase in its remaining performance obligations, reaching $455 billion.

While shares dipped slightly in premarket trading on Monday following the announcement, the leadership change signals Oracle’s commitment to capitalizing on its strong position in the rapidly evolving cloud and AI landscape.

Catz became co-CEO in 2014 alongside Mark Hurd, following Larry Ellison’s move to Chief Technology Officer. Hurd passed away in 2019, leaving Catz as sole CEO. The new co-CEO structure marks a new chapter for the software giant.

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