NEW YORK (TheStreet) –– Oracle (ORCL) announced a management change, with CEO Larry Ellison stepping down and becoming chief technology officer and executive chairman, while Chief Financial Officer Safra Catz and President Mark Hurd will become co-CEOs as the software maker continues to transition to the cloud.
"Safra and Mark will now report to the Oracle board rather than to me," Ellison said in a statement last night. "All the other reporting relationships will remain unchanged. 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 will continue to work full-time at Oracle, the company he co-founded nearly 40 years ago.
In addition to the management changes, Oracle reported fiscal first-quarter earnings of 62 cents a share on sales of $8.6 billion, as software-as-a-service (SaaS) and platform-as-a-service (PaaS) revenue rose 32%, with software and cloud revenue rising 6% to $6.6 billion.
Analysts surveyed by Thomson Reuters were expecting earnings of 64 cents a share on $8.8 billion.
For the fiscal second quarter, Oracle said revenue would be flat to up 4% year over year, with earnings coming in between 68 cents and 72 cents a share. Analysts forecast earnings of 74 cents a share.
In addition, the company declared a quarterly dividend of 12 cents a share, and announced it would add an additional $13 billion to its buyback program.
Shares of Oracle were lower in premarket trading on Friday, off 2.5% to $40.50.
Following the Ellison announcement and earnings, here's what a few analysts had to say: