We live in an era of innovation and of all the companies, Oracle Corporation (NYSE:ORCL) should know most about the importance of new and fresh ideas. Larry Ellison, Oracle’s CEO for about 37 years doesn’t quite measure up to that image, but he still has quite an imagination when it comes on to holding the reins of power. Bloomberg‘s Emily Chang interviewed Salesforce CEO, Mark Benioff and asked for his thoughts on the recent management shakeup at Oracle Corporation (NYSE:ORCL).
Larry Ellison ostensibly gave away authority recently when he stepped down from the CEO position, but apparently that was more of a window dressing show, according to Benioff. In a very mild way he expressed his opinion that the new Co-CEOs of Larry Ellison, who is now Oracle Corporation (NYSE:ORCL)’s Executive Chairman, Safra Catz and Mark Hurd are merely his puppets.
“[…]Well I am sure Mark and Saf [Safra Catz] will continue to do a good job just like they have over the last few years but we all know Larry Ellison is a force in nature and what Larry Ellison want, Larry Ellison is going to get, so whoever is the CEO is going to have to bend to Larry’s desires […] said Mark Benioff.
If Ellison was pumping Oracle Corporation (NYSE:ORCL)’s revenues to match those of its rivals in the tech industry, nobody would have had a problem of him staying put for even another 37 years, but this has not been the case. Oracle’s revenue needle has more or less stopped ticking and so has the profit margins. The company has also been slow in shifting its focus to the cloud computing and now its rivals have a major market share.
Oracle Corporation (NYSE:ORCL) definitely needs some new and fresh blood in its veins that could power the company to the forefront of the tech race.
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