(Bloomberg) -- Oracle Corp.’s Larry Ellison stepped down as chief executive officer of the software maker he founded, making way for a new generation of executives after one of the most profitable runs for a leader in business history.

Mark Hurd and Safra Catz, currently co-presidents of Oracle, were both named CEO to succeed Ellison, the company said today. Hurd will run sales, marketing and strategy, while Catz will remain chief financial officer and oversee legal and manufacturing operations. Ellison will become chairman, replacing Jeff Henley, and also take on the title of chief technology officer.

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