Sept. 18, 2014 / 6:10 PM

Larry Ellison to step down as CEO of Oracle

Once a college dropout, Larry Ellison is now the fifth richest person in the world with a net worth of $51.3 billion.

Oracle founder Larry Ellison smiles after Oracle Team USA won the final race of the America's Cup Regatta against Emirates New Zealand in San Francisco on September 25, 2013. UPI/Terry Schmitt

Oracle founder Larry Ellison smiles after Oracle Team USA won the final race of the America's Cup Regatta against Emirates New Zealand in San Francisco on September 25, 2013. UPI/Terry Schmitt | License Photo

SAN FRANCISCO, Sept. 18 (UPI) -- Larry Ellison announced Thursday he will step down as CEO of Oracle Corp. after being in the top spot for 37 years.

He will remain as executive chairman of the board of directors and will work under the title of Chief Technology Officer. Safra Catz and Mark Hurd will replace him as co-CEOs.

"The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future," Ellison said in a statement. "Keeping this management team in place has always been a top priority of mine."

Ellison, 70, founded the company in 1977 and turned it into a top software seller worth $182 billion. He is the most well-paid CEO in the world, earning $78.4 million last year. He is the fifth richest person in the world with a net worth of $51.3 billion. He is known for his bold and outspoken attitude as well as his penchant for sailing and yachting.

Oracle shares fell 2.3 percent in late trading after the announcement before creeping back up.

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