Oracle Names Co-CEOs to Replace Catz as Software Provider Raises AI Bets

Core Insights - Oracle has appointed two new co-CEOs, Clay Magouyrk and Mike Sicilia, to enhance its focus on artificial intelligence (AI) [2][6] - The company's cloud computing business has significantly benefited from the AI boom, with a backlog reaching $455 billion after securing four multibillion-dollar cloud deals in the fiscal first quarter [3][6] - Oracle shares have increased by 90% this year, reflecting strong market performance and investor confidence [5][6] Leadership Changes - Clay Magouyrk, previously the head of Oracle's cloud infrastructure business, and Mike Sicilia, president of Oracle Industries, will serve as co-CEOs [2][6] - Safra Catz, who has been CEO since 2019, will transition to the role of executive vice chair, continuing her partnership with co-founder Larry Ellison [4][2] Financial Performance - Oracle's stock has surged by 3% in intraday trading on the announcement day, contributing to a total increase of 90% for the year [5][6] - The company's backlog of $455 billion indicates strong demand and growth potential in its cloud services [3][6]