The company announced the decision in the conference call following its fiscal second quarter results, which leaves remaining CEO Safra Catz as the group's sole leader.
Chairman Larry Ellison — who was CEO himself until 2014 — said that Oracle won’t necessarily go back to the twin-CEO format but that the company is developing a management team who can be “potential CEOs when both Safra and I retire, which is not anytime soon”.
Shares of Oracle, meanwhile, dropped 2.7% as the company delivered mixed results in its quarterly report.
For the three months ended November 30, revenue grew 0.5% year-over-year to $9.61 billion from $9.5 billion, coming up short of Street expectations of $9.65 billion, according to FactSet.
Adjusted earnings came in at $0.90 per diluted share, up from $0.80 a year ago, and just ahead of $0.89 per share expectations.
Looking ahead, the company expects fiscal third quarter earnings between $0.95 and $0.97 per share, The Wall Street Journal reported, while analysts are calling for $0.97.
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