Larry Ellison on Thursday stepped down as chief executive of Oracle, handing off the helm of the successful technology company he co-founded in 1977, the company announced.
Ellison, who recently turned 70 years old, will be replaced as CEO by in-house executives Safra Catz and Mark Hurd. Ellison will continue to have a hand in the California company's operations as chief technology officer and executive chairman of the board.