Shares fall $9bn at Oracle as founder Larry Ellison steps down
Shares at technology company Oracle have fallen five per cent, with a $9bn drop, following founder Larry Ellison stepping down.
The 70-year-old, who is the fifth richest man in the world, made the announcement unexpectedly on Friday 19 September.
Mark Hurd and Safra Catz, currently co-presidents at the company, have been named chief executives of the company, with Ellison saying that he will continue to work with the pair “for the foreseeable future”.
Despite having stepped down from the chief executive role, Ellison is expected to continue to work full time.
Jeff Henley, who has been chairman of Oracle for ten years, has been Read full story ›
Source: The Drum
