Oracle names Clay Magouyrk and Mike Sicilia as co-CEOs

Oracle names Clay Magouyrk and Mike Sicilia as co-CEOs


The Oracle headquarters in Austin, Texas, on April 24, 2024.

Brandon Bell | Getty Images

Oracle is promoting its presidents of cloud infrastructure, Clay Magouyrk, and industries, Mike Sicilia, to co-CEOs, the company announced Monday.

Safra Catz, the software giant’s current CEO, will serve as executive vice chair on the company board.

Shares of the company fell over 1% in premarket trading on Monday morning.

Oracle’s stock has surged 30% in the past month after its first-quarter earnings report projected massive cloud growth from the AI boom. Shares are up about 85% for the year.

Oracle has been one of the biggest benefactors of the artificial intelligence boom thanks to its cloud infrastructure business and its access to Nvidia’s graphics processing units, or GPUs, which are both needed to run large workloads. Oracle and other major cloud providers like Microsoft, Amazon and Google are in a fierce competition for customers.

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