Oracle's Ellison steps aside as CEO

Larry Ellison, co-founder and leader of Oracle Corp for 37 years, stepped aside as chief executive officer on Thursday, to be replaced by co-CEOs Safra Catz and Mark Hurd, raising questions about a job-sharing arrangement that has had a fraught record elsewhere. Ellison and the two new co-CEOs each stressed that nothing would change under the new management structure, with Ellison staying on as executive chairman and chief technology officer. But Oracle shares fell 2 per cent to $40.70 in after-hours trading after it reported the management shake-up and that profit had fallen below Wall Street's average forecast, hurt by weak hardware sales. The move immediately attracted criticism from management experts.

Read the Economic Times news report here.