Oracle CEO Safra Catz is stepping down after 11 years, handing the reins to co-CEOs Clay Magouyrk and Mike Sicilia. Magouyrk led cloud infrastructure, while Sicilia oversaw applications and AI. This transition follows Oracle's recent $300 billion computing power deal with OpenAI and positions the company for growth in the AI sector. Catz will remain as vice chair. The change coincides with potential Oracle involvement in a TikTok sale to a US consortium.

Prepared by Christopher Adams and reviewed by editorial team.