#Oracle Stock Drops 2.5% On News That Larry Ellison Has Relinquished His CEO Title

Today after the bell, Oracle announced that its long-time premier Larry Ellison is no longer its CEO.

Former HP CEO Mark Hurd will take over the job in partnership with Safra Catz. Catz will manage finance and manufacturing, while Hurd will handle sales.

Ellison will take on the titles of Executive Chairman of the Board and CTO. Hurd left HP under negative circumstances, including allegations of sexual harassment.

Read more: In after-hours trading, Oracle’s stock is off 2.5 percent, taking an immediate hit following the news