Oracle has appointed not only one, but two new CEOs to help the software giant stay motivated as it rides the AI revolution to achieve unprecedented highs. Oracle today announced that the highest executive role currently filled by Safra Catz will be shared by in-house staff Clay Magouyrk and Mike Sicilia. The two leaders will guide Oracle at a critical moment for technicians as it tends to power the cloud infrastructure it needs to power AI, which has benefited greatly from new demand for data centers, and AI Boom has increased its share by nearly 95% this year, bringing the scope of its founding company, Ellison Ellison, to a certain extent and win some numerous ranges. Both Oracle’s new leaders have certificates to support the company’s AI transformation. Magouyrk, head of Oracle’s cloud infrastructure team, oversees the launch of platforms that power AI data centers, while Sicilia previously led Oracle’s application business and directed the team to integrate industry-specific AI agents in areas such as healthcare, banking, and communication.
“A few years ago, Clay and Mike handed Oracle’s infrastructure and application business to AI, and that paid off,” Ellison, who serves as Oracle’s chairman and chief technology officer, said in a statement. “They are all proven leaders and I look forward to working side by side with them in the coming years.” While co-CEOs in Silicon Valley are still unusual, this is not Oracle’s first foray into a common leadership structure. Catz was named Mark Hurd after Ellison resigned as CEO in 2014 and has served as the sole CEO since Hurd’s death in 2019.
Catz will also pass her CFO position to Doug Kehring, who has been the executive vice chairman of Oracle. Her 11-year tenure as CEO of a software company was recently marked by a surge in its cloud business, with cloud infrastructure revenue of approximately $3.3 billion in the July-August quarter, representing a 55% year-on-year increase. According to Oracle’s forecast, the figure will total $18 billion in fiscal 2026 and will increase to $32 billion, $73 billion, $114 billion and $144 billion over the next four years.
The need for AI developers to ensure computing power is behind Oracle’s balloon fate. In the last four months, Oracle signed $400 million in contracts with three different clients and reported that its performance obligations on its existing contracts soared to $455 billion, 359% compared to the previous year. One of its most important deals to date includes the recently announced agreement that provides Openai with $300 billion in computing power over the next five years, part of Chatgpt-Maker’s Stargate Venture.
Earlier this month, Oracle’s AI dominance finally reached a climax of stock earnings, which brought the company’s largest one-day percentage increase since 1992 and briefly made Ellison the world’s wealthiest person. “Oracle’s technology and business have never been more powerful,” Catz said in a statement. The company’s “stunning growth rate points to a more prosperous future.”
In addition to Oracle’s AI ambitions, the technology company will also play a role in the looming deal that will allow China-owned Tiktok to sell its U.S. division to a consortium of U.S. investors. White House officials said today that Oracle will be responsible for recreating Tiktok’s algorithm by retraining a new American version, under arrangements overseen by the Trump administration.
