Oracle names co-CEOs to take reins from billionaire Safra Catz as TikTok deal looms

Core Insights - Oracle appointed Clay Magouyrk and Mike Sicilia as co-CEOs, succeeding Safra Catz, who significantly advanced the company's cloud strategy and market position during her tenure [1][4][9] - Catz will continue with Oracle as executive vice chair of the board, ensuring continuity in leadership [2][6] Company Performance - Oracle's shares have increased approximately 85% this year, driven by AI advancements, outperforming major competitors like Microsoft and Alphabet [3] - Under Catz's leadership, Oracle's stock surged over 586% during her 11 years as CEO, contributing to a market capitalization nearing one trillion dollars [5][9] Leadership Transition - The promotion of Magouyrk and Sicilia highlights the tech industry's focus on cloud computing, with significant investments being made in AI infrastructure [4] - Analysts believe that the new co-CEO structure will reinforce the importance of cloud and industry businesses as key growth drivers for Oracle [4] Strategic Initiatives - Oracle is involved in discussions to manage TikTok's operations in the U.S., with all user data being stored on Oracle's cloud infrastructure [6] - The company reaffirmed its financial forecast, expecting booked revenue from its Oracle Cloud Infrastructure to exceed half a trillion dollars [7] Major Contracts - Oracle signed a significant cloud deal with OpenAI, where the latter is projected to purchase $300 billion in computing power over five years [7] Compensation Structure - Magouyrk will receive stock options to purchase $250 million in Oracle shares, while Sicilia will receive options for $100 million [12]