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Oracle decides to stick with single CEO

(Image credit: Image Credit: Ken Wolter / Shutterstock)

Oracle has no plans on hiring a new co-chief executive officer and will stick with its current structure, chairman Larry Ellison has confirmed.

According to Reuters, the company will continue hiring additional staff at lower echelons of management, but there will be no co-CEO. The company is being led by Safra Catz, who took solo charge when former co-CEO Mark Hurd died this October.

“How is our search going for the new — for a second CEO? We don’t have one. We have no plans for having a second CEO,” Ellison said on a conference call with analysts. “We’re hiring a bunch of people at the next layer down who are potential CEOs when both Safra and I retire, which is not anytime soon,” he added.

The quarterly report has shown more or less flat earnings for the enterprise IT giant. It reported revenues of $9.61bn, representing a one per cent increase compared to the same period last year.

Net income, on the other hand, is down one per cent, hitting $2.31bn, compared to $2.33bn last year. Earnings per share (non-GAAP) were 90 cents, slightly above analysts’ predictions of 88 cents.

"We had another strong quarter in our Fusion and NetSuite cloud applications businesses with Fusion ERP revenues growing 37 per cent and NetSuite ERP revenues growing 29 per cent," Catz said.

"This consistent rapid growth in the now multibillion-dollar ERP segment of our cloud applications business has enabled Oracle to deliver a double-digit EPS growth rate year-after-year. I fully expect we will do that again this year."