Oracle names two new presidents in possible succession play

• Oracle appointed two new presidents SEC filings show.
• The people are considered part of a succession plan for the cloud company.
• Oracle shares recently reached a record high, reflecting its renewed enterprise popularity.

Oracle revealed two new presidents in company filings on Friday. The move could have broader succession implications for the cloud giant.

The company lists cloud boss Clay Magouyrk and head of industries Michael Sicilia each as "president," two Securities and Exchange Commission filings show. The forms don't explicitly mention a promotion, but the executives haven't been previously listed as "presidents," according to a person familiar with the matter.

The executives are considered part of a succession plan for the company co-founded by billionaire and former CEO Larry Ellison, the person familiar with the matter said. Ellison now serves as chief technology officer and executive chairman.

Ellison isn't going anywhere at this time, another person familiar said.

The new titles for Magouyrk and Sicilia mimic a similar pattern that played out years ago before Ellison stepped down as chief executive.

Oracle has used the two-president structure three times throughout its history. The first time, it named now-Oracle CEO Safra Catz a president along with a previous executive, Charles Phillips Jr. Oracle replaced Phillips with the late Mark Hurd after Hurd left HP. They each had the title until both were promoted to co-CEOs in 2014 when Ellison stepped back. Hurd died in 2019, and while Ellison considered possible successors, he opted for Catz to remain the company's sole CEO.

Magouyrk is a former Amazon software development engineer who joined Oracle as an individual contributor in 2014. He quickly impressed Ellison and Catz with his ability to deliver results quickly, leading to his rapid ascent through the ranks to preside over Oracle Cloud Infrastructure. His leadership style has at times been controversial.

Sicilia is the executive vice president of Oracle Industries. He's the executive who has been leading Oracle's takeover of Cerner.

The executives will help lead Oracle as it gains traction in the cloud-computing market. Oracle shares hit a record high this week after beating analyst estimates and raising its revenue forecast.

Piper Sandler analysts wrote in a note after the earnings release that the company "has entered an entirely new wave of enterprise popularity that it has not seen since the Internet era in the late '90s."

Have a tip? Contact this reporter via email at astewart@businessinsider.com or Signal at +1-425-344-8242. Use a personal email address and a nonwork device; here's our guide to sharing information securely.