Oracle Corp's Larry Ellison Dropping Down from Being CEO
Staff Reporter | | Sep 19, 2014 09:55 PM EDT |
One of the world's wealthiest men in the world, Larry Ellison, gave up his position as the Chief Executive Officer of Oracle Corp. With his Hawaiian Island in Lanai and his Malibu estate, the 70-year-old co-founder of Oracle has no intention of retiring as of yet.
Ellison will stay with Oracle and work "full time" as their Chief Technology Officer and Executive Chairman. There wouldn't be any other changes made in terms of reporting relationships thereby keeping Mark Hurd with Safra Cutz upon taking over.
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Larry Ellison is the third wealthiest man in the United States and fifth in the world which made institutional investors complain about his massive compensation. His estimated fortune has reached up to 51B USD as recorded by Forbes. Due to this, some stockholders believe that his pay package is oversized - an issue he has to look after.
The Principal Analyst of Enderle Group, Rob Enderle, also suspects that Ellison's decision to hit south was to conceal his pay package especially that CTO salaries are left disclosed. In spite of that, he still believes that the new Executive Chairman would still dominate the technological market.
Former CEO of Sun Microsystems, Scott McNealy, also believes that Larry's decision doesn't change a thing. Infact, some say he can continue running the show. He was one of the top technology CEOs in history, according to Chief Executive of Cisco Systems, John Chambers.
This decision is quite similar to Bill Gates' in 2000 when Gates, the founder of Microsoft also stepped down from his chair as CEO. Gates continued to work as the Microsoft's Chief Software Architect as Steve Ballmer took over. Unfortunately, the lost of innovators made these change go to its downside.
Now, Oracle is being challenged by cloud computing where services are much more essential than products. This is why Ellison is doing his best to secure his company focusing on their technological battles.
Although Oracle faces these major challenges and even threatened by various competitors, Ellison will always deal with them creatively. This era may have ended but this massive innovation is worth looking forward to.
TagsLarry Ellison, Oracle Corp, Bill Gates, Rob Enderle, Mark Hurd, Forbes
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