Long-time Oracle CEO Larry Ellison has announced he will step down from his post, effective immediately, to be replaced by two new CEOs. Mark Hurd (formerly of HP) and Safra Catz will both take over as CEO concurrently, though Oracle isn't handing out the "co-CEO" title to either of them. Though he's one of the richest people in the world, Ellison isn't leaving the company — he plans to stay on full time as the executive chairman and CTO of the company instead.

Oracle may be best known from an Android enthusiast point of view as the company often in legal tie-ups with Google over Android and Java, but runs as an extremely large business with many enterprise products. Ellison steps down in a time where Oracle's growth and earnings have been relatively flat in the past couple of years.

Source: CNBC