Oracle is promoting its presidents of cloud infrastructure, Clay Magouyrk, and industries, Mike Sicilia, to co-CEOs, the company announced Monday.
Safra Catz, the software giant's current CEO, will serve as executive vice chair on the company board.
Oracle has been one of the biggest beneficiaries of the artificial intelligence boom thanks to its cloud infrastructure business and its access to Nvidia's graphics processing units, or GPUs, which are both needed to run large workloads. Oracle and other major cloud providers like Microsoft , Amazon and Google are in a fierce competition for customers.
As Oracle's cloud infrastructure president, Magouyrk led the development of its Gen2 platform. Sicilia oversaw Oracle's applications for vertical businesses, from banking to retail.
"A few years ago, Clay and Mike committed Oracle's Infrastructure and Applications businesses to AI—it's paying off," Oracle founder and Chief Technology Officer Larry Ellison said in a statement.
Shares of the company fell less than 1% in premarket trading on Monday morning.
Oracle's stock has surged 30% in the past month after its first-quarter earnings report projected massive cloud growth from the AI boom. Shares are up about 85% for the year.
The company said that its remaining performance obligations, a measure of contracted revenue that has not yet been recognized, soared to $455 billion, up 359% from a year earlier. The company also reaffirmed its financial guidance on Monday.
"At this time of strength is the right moment to pass the CEO role to the next generation of capable executives," Catz said in a statement.