Oracle Board Appoints Larry Ellison Executive Chairman, CTO

(RTTNews) - Oracle Corp. (ORCL) said Thursday that its Board of Directors has elected Larry Ellison to the position of Executive Chairman of the company's Board and appointed him the company's Chief Technology Officer.

Ellison is currently the chief executive officer of Oracle.

Jeff Henley, who has served as Oracle's Chairman for the last 10 years, was appointed Oracle's Vice Chairman of the Board.

The Oracle Board also promoted both Safra Catz and Mark Hurd to the position of CEO, Oracle Corp.

All manufacturing, finance, and legal functions will continue to report to Oracle CEO, Safra Catz. All sales, service and vertical industry global business units will continue to report to Oracle CEO, Mark Hurd. All software and hardware engineering functions will continue to report to Oracle Chairman and CTO, Larry Ellison.

"Safra and Mark will now report to the Oracle Board rather than to me," said Larry Ellison. "All the other reporting relationships will remain unchanged. The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine."