Larry Ellison has been the CEO since 1977.
Oracle founder and CEO Larry Ellison has stepped down from his position to take up the role of chief technology officer and has been appointed as the executive chairman of Oracle’s board.
Ellison is being jointly replaced by Safra Catz and Mark Hurd. Catz was the co-president and CFO of the company, while Hurd was the co-president.
Ellison said: "Safra and Mark will now report to the Oracle Board rather than to me.
"All the other reporting relationships will remain unchanged."
Catz will head the finance, legal and manufacturing functions and Hurd will oversee sales, service and vertical industry global business units.
The hardware and software engineering functions will continue to report to Ellison.
"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.
"Keeping this management team in place has always been a top priority of mine," Ellison added.
The change in management has come at a time when the company is trying to adapt to the changing software market, where consumers are increasing moving towards the cloud.