Israeli-born Safra Catz is set to replace Oracle Corporation founder and multi-billionaire Larry Ellison, who announced he is stepping down on Thursday, as the tech company’s new co-CEO along with Mark Hurd.
In a press release, Oracle said Catz will be responsible for all manufacturing, finance, and legal decisions, while Hurd, who previously served as co-president with Catz, will lead sales, services, and the global business units.
Ellison, who is also Jewish and is the world’s fifth-richest man ($49 billion), will continue as chairman of Oracle.
Catz was born in Holon, Israel, in 1961 and moved to U.S. when she was 6, obtaining a degree from the Wharton School of the University of Pennsylvania as well as University of Pennsylvania Law School. An executive at Oracle since 1999, she has played a key role in many of the company’s key mergers and acquisitions and last year was reportedly the highest-paid female executive in the world, making $44.3 million.
Based in Redwood City, Calif., Oracle is the world’s second-largest software maker by revenue after Microsoft.