Oracle Corp Chief Executive Larry Ellison stepped down on Thursday, to be replaced by co-CEOs Safra Catz and Mark Hurd. Ellison, who co-founded the database company that became Oracle in 1977, will become executive chairman and chief technology officer.

All manufacturing, finance and legal functions of Oracle will report to Catz, while sales and service units will report to Hurd. Software and hardware engineering will continue to report to Ellison.