Israeli-born Safra Catz, reputedly the highest-paid woman executive in the world, has been chosen as co-CEO of enterprise software company Oracle Corporation to replace the legendary Larry Ellison, who stepped down on Thursday.
Catz's co-CEO will be Mark Hurd, who Ellison hired for Oracle in 2010 after he was ousted from Hewlett Packard. Catz and Hurd are experienced at working together, having been co-presidents prior to their promotion.
Oracle said in a statement that Catz will be responsible for all manufacturing, finance, and legal decisions, while Hurd will be in charge of sales, service, and global business units. Ellison will continue to oversee all software and hardware engineering functions.
Ellison, who established Oracle in 1982, will become executive chairman of the technology giant.
Catz, a former banker, joined Oracle in 1999. She played a key role in some of the company's largest mergers and acquisitions, including the $10.3 billion acquisition of PeopleSoft and the $7.4 billion deal for Sun Microsystems.
Last year, Catz made $44.3 million in total compensation, making her the world’s top paid female exec and CFO. In 2013, she became the first female to hold the highest-paid CFO position, when she made approximately $43.6 million. That amount, in fact, was a drop from her 2012 compensation of $51.7 million.
Born in Holon, Catz moved with her parents to the United States at the age of six. She holds a law degree from the University of Pennsylvania and a bachelor's degree from the Wharton School of business.
She is married to Gal Tirosh and has two sons.