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Oracle Corp won’t continue twin-CEO leadership model, shares fall on fiscal 2Q revenue miss

Oracle Corporation (NYSE:ORCL) is leaving behind its dual-CEO corporate structure, opting not to replace its late leader Mark Hurd.

The company announced the decision in the conference call following its fiscal second quarter results, which leaves remaining CEO Safra Catz as the group's sole leader.

Chairman Larry Ellison — who was CEO himself until 2014 — said that Oracle wont necessarily go back to the twin-CEO format but that the company is developing a management team who can be “potential CEOs when both Safra and I retire, which is not anytime soon”.

READ: Adobe shares push higher as fourth quarter revenue tops estimates

Shares of Oracle, meanwhile, dropped 2.7% as the company delivered mixed results in its quarterly report.

For the three months ended November 30, revenue grew 0.5% year-over-year to $9.61 billion from $9.5 billion, coming up short of Street expectations of $9.65 billion, according to FactSet.

Adjusted earnings came in at $0.90 per diluted share, up from $0.80 a year ago, and just ahead of $0.89 per share expectations.

Looking ahead, the company expecRead More – Source