REDWOOD SHORES (CBS/AP) – Oracle says Larry Ellison is stepping aside as CEO of the company he founded. The business software maker promoted Safra Catz and Mark Hurd to replace him as co-CEOs.

Ellison will reclaim the title of chairman at Oracle and is also taking the role of chief technology officer. Oracle says Ellison wants to focus on product engineering, technology development and strategy. Jeff Henley, Oracle’s chairman since January 2004, is now its vice chairman.

Catz and Hurd were co-presidents of the Redwood Shores, California, company. Catz will be in charge of the company’s manufacturing, finance and legal functions. Hurd will be in charge of sales, service, and other global business units.

Ellison founded Oracle Corp. in 1977 and was its chairman from May 1995 to January 2004.

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