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Larry Ellison steps down as Oracle CEO

Oracle co-founder and CEO Larry Ellison said Thursday he is stepping down as chief executive of the company, effective immediately. Mark Hurd and Safra Catz, who previously served as co-presidents for the company, will both become CEOs, while Ellison will remain on board as executive chairman.

"The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future," Ellison said in a statement.

The 70-year-old Ellison founded the behemoth software company in 1977 and has been the only CEO in its history. With an estimated net worth of $51.3 billion, he is the fifth-richest person in the world, according to Forbes.