Larry Ellison, the CEO of enterprise software firm Oracle, has announced that he is stepping down as the head of the company he founded. 

Ellison, who co-founded Oracle with Ed Oates and Bob Miner in 1977, will leave the firm's top post after leading the company for the past 37 years. He will be replaced by Oracle co-presidents Mark Hurd and Safra Catz, who will team up in heading the firm as co-CEOs. 

"Safra and Mark will now report to the Oracle Board rather than to me," Ellison said. "All the other reporting relationships will remain unchanged." Ellison recognizes the positive work relationship he has had with both Hurd and Catz and plans to continue this well into the future. Maintaining a solid management team has always been "top priority."

Ellison, who was declared the world's fifth richest man by Forbes Magazine with a net worth of $51.3 billion, will not leave Oracle. The 70-year-old will just take on a smaller role in determining the company's future. He will become the company's new co-chairman and chief technology officer. His new role means a shake-up in the company's leadership. Ellison's new position displaces Jeff Henley, who has served as the company's chairman for the past decade. Henley will now be the vice chairman of Oracle's board of directors. 

"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," said Dr. Michael Boskin, the Oracle board's presiding director. "Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The Directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future."

In its announcement, Oracle refrained from referring to Hurd and Catz as co-CEOs. Instead, the company called Hurd and Catz CEOs, with departments within the business split between them. Hurd, who left his CEO post in HP after being the subject of a sexual harassment investigation, will be in charge of the company's sales, service and vertical industry global business units. Catz, who also held the position of chief financial officer, will take on responsibilities relating to the company's manufacturing, finance and legal functions.