• Oracle names Clay Magouyrk and Mike Sicilia as new co-CEOs
• Safra Catz steps back to executive vice chair after nearly a decade as CEO
• The company is prioritizing its growth in cloud computing services
• Magouyrk to receive a stock package worth $250 million
• Oracle's cloud division is expected to become its primary revenue source

Oracle has appointed Clay Magouyrk and Mike Sicilia as co-CEOs, marking a significant leadership transition that underscores the company's commitment to its rapidly expanding cloud computing business. Magouyrk, recognized as one of the original employees of Oracle Cloud Infrastructure, and Sicilia, previously president of Oracle Industries, will spearhead Oracle's efforts in this crucial sector. This strategic move comes as Safra Catz steps down from her role as CEO, transitioning to the position of executive vice chair of the board, as reported by Business Insider, Los Angeles Times, and India Times.

The elevation of Magouyrk and Sicilia illustrates Oracle's strategic pivot towards solidifying its cloud infrastructure as a revenue powerhouse, particularly in light of high-demand clients such as OpenAI and Meta Platforms Inc. The company is currently navigating aggressive spending to enhance its cloud capacity, which has led to negative annual cash flow for the first time since 1990. “Clay’s years of experience leading Oracle’s large, fast-growing Cloud Infrastructure business has demonstrated his readiness for a CEO role,” stated Larry Ellison, Oracle's chairman, highlighting the urgency and value of their leadership during this critical period, according to Los Angeles Times and India Times.

Under the new leadership structure, which harks back to Oracle's historical practices, Magouyrk will receive a significantly higher compensation package of $250 million compared to Sicilia's $100 million. This pay structure reflects not only the commitment to cloud initiatives but also the anticipated importance of the cloud division in driving future revenues. Additionally, Oracle has reaffirmed its earlier financial guidance amidst these changes, positioning itself for future growth, as noted by Business Insider and Los Angeles Times.