Oracle has named its cloud infrastructure presidents Clay Magouyrk and Mike Sicilia as co-CEOs, as the company’s cloud and artificial intelligence offerings drive a major surge in its share price.
Magouyrk and Sicilia will continue to expand Oracle’s AI products, the company said. Oracle Outgoing CEO Safra Catz has been named executive vice chair, and Larry Ellison will continue as board chair and chief technology officer.
“Humanity is investing enormous resources in the race to advance Artificial Intelligence. Oracle Cloud Infrastructure is playing a major part in that effort,” said Ellison.
“A few years ago, Clay and Mike committed Oracle’s Infrastructure and Applications businesses to AI—it’s paying off,” Ellison said. “Oracle’s future is bright.”
Magouyrk was at Amazon Web Services before joining Oracle in 2014, and co-founded Oracle’s cloud engineering team. Sicilia was formerly president of Oracle Industries, and joined Oracle with its acquisition of Primavera Systems in 2008.
Catz was named co-CEO in 2014 alongside Mark Hurd after Ellison left the role, and became sole CEO after Hurd’s death in 2019.
Oracle’s share price spiked by over 30% this month after its earnings report disclosed remaining performance obligations of US$455 billion. This was a year-over-year increase of 359%.
The company’s shares have risen by 97.7% across 2025 to date, driven in large part by the strong performance of its cloud infrastructure segment.
Oracle is also set to license TikTok’s algorithm as part of a joint venture with Silver Lake and potentially Michael Dell and Rupert Murdoch, under a deal to keep the app operating in the United States.
Oracle’s (NYSE: ORCL) share price closed at $328.15, up from its previous close at $308.66. Its market capitalisation is $932.51 billion.
