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 benefactors 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.

Shares of the company fell over 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. Oracle 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. 

Catz was named co-CEO of Oracle in 2014 alongside Mark Hurd after Oracle founder and Chief Technology Officer Larry Ellison stepped down from the role. Hurd died in 2019, and Catz continued to lead the company as its sole CEO.

“A few years ago, Clay and Mike committed Oracle’s Infrastructure and Applications businesses to AI—it’s paying off,” Ellison said in a statement.

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