Oracle Corp. today appointed Clay Magouyrk and Mike Sicilia as Chief Executive Officers.
Magouyrk and Sicilia are succeeding long-time CEO Safra Catz, who is moving to the role of executive vice chair. Oracle’s chair is founder Larry Ellison, who held the CEO post for more than three decades before stepping down in 2014. He is also the company’s Chief Technology Officer.
Magouyrk is stepping into the new role following a stint as the president of Oracle Cloud Infrastructure, or OCI, the company’s public cloud platform. OCI has emerged as database maker’s main growth driver in the past year. Oracle disclosed in its most recent earnings report that its cloud infrastructure revenue jumped 54% last quarter to $3.3 billion.
The database maker expects OCI’s growth to accelerate significantly in the coming years. Oracle estimates that OCI revenue will reach $18 billion in its current fiscal year, $32 billion the following year and $144 billion by 2029. A significant portion of that revenue is set to come from a $300 billion infrastructure deal the company recently signed with OpenAI.
Magouyrk joined Oracle in 2014 after working at Amazon Web Services Inc for six years. He was a founding member of the database maker’s cloud engineering team and later led the development of its Dedicated Region Cloud@Customer offering, which enables companies to deploy on-premises OCI clusters.
Magouyrk will share the CEO post with Mike Sicilia, who was previously the president of Oracle Industries. The business unit develops vertical-specific applications for organizations such as hospitals and automakers. During Oracle’s most recent earnings call, Catz disclosed that those applications are driving customer demand across other parts of the company’s software portfolio.
Sicilia joined Oracle in 2008 after it bought Primavera Systems, a provider of project management software where he worked as CTO. He was appointed to lead the Oracle business unit that emerged from the deal. Silica went on to oversee several of Oracle’s subsequent acquisitions.
Oracle has made significant investments in both its cloud and Oracle Industries units over the past few years. In 2021, it spent $28.3 billion to acquire Cerner Corp., a major provider of vertical-specific software for the healthcare sector. In the cloud market, Oracle is spending tens of billions of dollars annually to grow OCI’s data center capacity.
“Clay’s years of experience leading Oracle’s large, fast-growing Cloud Infrastructure business has demonstrated his readiness for a CEO role,” Larry Ellison said in a statement. “Mike has spent the last several years modernizing Oracle’s Industry applications businesses—including Oracle Health—by completely rebuilding those applications using the latest AI technologies.”
Oracle announced the executives’ promotions alongside two other changes to its senior leadership team. Mark Hura, the company’s executive vice president of North America sales, will become the president of its global field operations group. Another executive vice president, Doug Kehring, will move to the role of principal financial officer.
Oracle rose more than 5.6% on the news.