Oracle Names Co-CEOs as Safra Catz Moves to Executive Vice Chair

Oracle has appointed a pair of chief executives to take over the C-suite as longtime chief Safra Catz transitions to a new role as executive vice chair.

The software company said Monday that Clay Magouyrk, president of Oracle’s cloud infrastructure business, and Oracle Industries President Mike Sicilia are now Oracle’s chief executive officers.

They are taking the reins from Catz, one of the most prominent female executives in the tech sector who became Oracle’s co-chief executive in 2014 and its sole CEO in 2019.

“At this time of strength is the right moment to pass the CEO role to the next generation of capable executives,” Catz said.

The leadership shift comes less than two weeks after Oracle blew investors away with forecasts for its cloud-infrastructure revenue to climb 77% this fiscal year to $18 billion on the back of multibillion-dollar contracts that are ballooning the company’s backlog.

The cloud-infrastructure unit’s top line is on track to reach $32 billion, then $73 billion, then $114 billion and finally $144 billion in the four fiscal years that follow, according to Oracle’s projections, which sent the company’s share price surging to an all-time high earlier this month. Oracle reaffirmed that guidance on Monday.

“Safra led Oracle as we became a hyperscale cloud powerhouse—clearly demonstrated by our recent results,” Oracle Chairman Larry Ellison said. “In her role as Vice Chair, Safra and I will be able to continue our 26-year partnership—helping to guide Oracle’s direction, growth and success.”

The changeover also arrives as Oracle, along with private-equity firm Silver Lake and other U.S. backers, nears a deal to take control of TikTok’s U.S. operations with the blessing of President Trump and Chinese leader Xi Jinping.

Write to Dean Seal at dean.seal@wsj.com