Ellison hands Oracle chairmanship to CFO

Larry Ellison is handing over his position as chairman of Oracle to the company's chief financial officer, Jeff Henley, Oracle announced Monday in a statement. Ellison will retain his position as chief executive of the company.

In addition, two executives, Safra Catz and Charles Phillips, were appointed as company presidents reporting to Ellison, Oracle said. The database giant has been without a president since Ray Lane left in June 2000 to work at a venture capital firm.

Catz will retain her role as Oracle's head of global operations, and Phillips will be in charge of the company's sales, marketing, and consulting operations, Oracle said. The decisions were made at a meeting of Oracle's board Monday.

With Henley's promotion to chairman Oracle is now seeking a new CFO, the Redwood Shores, California, company said. Henley, a 13-year Oracle veteran, will continue to fulfill the role until a successor is found.

The new appointments are effective immediately.

Ellison described Henley as an "expert on corporate governance and accounting" and said his knowledge and experience make him ideally qualified to become Oracle's chairman.