Oracle on Monday named insiders Clay Magouyrk and Mike Sicilia as co-CEOs, replacing Safra Catz, who was instrumental in shaping the company’s cloud strategy and thrusting it to the forefront of the ongoing AI boom with big contract wins.

In her 11 years at the helm, Catz turned Oracle into a cloud powerhouse from a database provider by fiercely competing for a share of the lucrative data center business with Microsoft and Alphabet, while helping drive its market capitalization to nearly a trillion dollars.

She will remain with Oracle as executive vice chair of the board, the company said. 5

Shares of Oracle are up about 85% this year amid an AI-powered surge, outperforming those of major rivals Microsoft and Alphabet and helping co-founder Larry Ellison vie for the title of the w

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