Oracle announces CEO shakeup, company named in TikTok deal

Core Points - Oracle has appointed two new co-CEOs, Clay Magouyrk and Mike Sicilia, to replace former CEO Safra Catz, who has been appointed executive vice chair of the board [1][2][3] - The appointment follows Oracle's announcement to recreate and secure a new TikTok algorithm, allowing the app to continue operating in the US [1][4] - Oracle's stock experienced a slight increase of less than 1% initially, but later declined after the TikTok news [2][4] Company Developments - Clay Magouyrk was previously the president of Oracle Cloud Infrastructure, while Mike Sicilia was the president of Oracle Industries [2] - Safra Catz served as CEO since 2014 and will continue to work with Oracle in her new role [3] - The White House's involvement indicates a strategic move to ensure US control over TikTok's recommendation software following a divestiture from its Chinese parent company, ByteDance [5] Financial Implications - Analysts view Oracle's involvement with TikTok positively, as it allows the company to maintain its partnership and manage American user data [6] - The deal with TikTok is projected to contribute approximately 5% to Oracle Cloud Infrastructure's revenue in the 2025 fiscal year [6]