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Larry Ellison, billionaire tech hotshot of one of world's largest database-software businesses Oracle, has stepped down as chief executive. This is after serving as CEO for the company for the last 35 years.
Ellison has served as Oracle's only chief executive since he founded the company back in 1977. Over this 35 years period, Ellison, who is now 70, built the company into one of the world's largest database-software businesses and one of the biggest providers of business programs. The company was also recently valued at $182.7bn.
The company has announced that Safra Catz and Mark Hurd, currently co-presidents, would be named joint CEOs to replace Ellison. The two have now shared the deputy role since Hurd joined Oracle in 2010, after his exit from Hewlett Packard following a scandal.
Oracle, founded in the late 1970s and based in Silicon Valley, is already one of the world's biggest enterprise software companies. It deals in a line of software products that help large and medium-sized companies manage their operations.
In the last decade, a series of acquisitions has helped Oracle evolve from just a database company to a more general enterprise software company on an overall.
Talking about Ellison a bit, born in New York City to an unwed Jewish mother, Ellison contracted pneumonia at the age of nine months and was given to an aunt and uncle for adoption. He did not get to meet his biological mother again until he was 48.
He spent a term at the University of Chicago, where he encountered computers and later moved to California. Ellison is currently considered as one of Silicon Valley's premier visionary leaders, alongside fellow big names such as Apple's Steve Jobs and Microsoft's Bill Gates.