The co-founder of Oracle Larry Ellison has today announced that he will be stepping down from his position as CEO effective immediately.

After his departure the ex-CEO will be replaced by not one but two successors ark Hurd and Safra Catz.

However Ellison won’t be leaving the company entirely, and will instead assume the role of executive chairman and chief technology officer, and despite being aged 70, he won’t be cutting his workload down either, with the Oracle board director Dr. Michael Boskin making the following statement in the companies press release earlier today.

“Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy,” he then continued with the following segment about the companies future, stating that Hurd and Catz “have repeatedly demonstrated their ability to lead, manage and grow the company.”

Ellison first co-founded Oracle and became its CEO in 1977, since which time he made around $78.4 million in just the year of 2013, making him the highest paid CEO, and among the 100 largest public companies in the US for a number of years.

Before he left he also added his own statement, stating the following: “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.”

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