Not too long ago, Oracle seemed lost. The software giant posted negative growth of 1% in both fiscal years 2019 and 2020. But CEO Safra Katz has a turnaround plan, and it’s working.
Catz, 61, is often overshadowed by founder Larry Ellison, who is the fourth richest person in the world and is still going strong at age 78, but he joined Oracle in 1999. After joining the company, Catz became co-CEO in 2014 and sole CEO in 2019. Some run businesses and are successful in making major changes rarely seen in the tech industry.
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Not too long ago, Oracle seemed lost. The software giant posted negative growth of 1% in both fiscal years 2019 and 2020. But CEO Safra Katz has a turnaround plan, and it’s working.
Catz, 61, is often overshadowed by founder Larry Ellison, who is the fourth richest person in the world and is still going strong at age 78, but he joined Oracle in 1999. After joining the company, Catz became co-CEO in 2014 and sole CEO in 2019. Some run businesses and are successful in making major changes rarely seen in the tech industry.
The plan had two parts. First, it directs enterprise software customers from their own data centers to the cloud. Less obvious was the decision to build a cloud computing business to compete with Amazon.com.
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It’s paying off. Cloud revenue increased by 77% in the May quarter, compared to his mid-50% growth over the past three quarters. One reason is that Oracle Cloud is great for generative AI.
In a rare interview last year, BaronsCatz has admitted he doesn’t spend much time talking to the media and is a low profile. “I see a lot of players who talk more,” she said. We want our results to speak for themselves. ”
And they do.
write destination Eric J. Savitz (eric.savitz@barrons.com)
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