Oracle has appointed a pair of chief executives to take over the C-suite as longtime chief Safra Catz transitions to a new role as executive vice chair.The software company said Monday that Clay Magouyrk,

Safra Catz will become the executive vice chair of Oracle's board of directors after 11 years as the company's CEO.

Business Insider reported in June that Oracle had promoted the executives to the title of "president" as part of a succession plan.

The company also attached itself to the new TikTok deal alongside fellow Central Texas company Dell technologies and media mogul and billionaire Rupert Murdoch.

The two new chief executives are Clay Magouyrk, who was the president of the company's AI cloud business, Oracle Cloud Infrastructure (OCI), and Mike Sicilia, who was the president of Oracle Industries.

Oracle Corp. on Monday promoted Clay Magouyrk and Mike Sicilia to become co-chief executive officers, signaling the company’s focus on its rapidly expanding cloud computing business.

Stocks were climbing on Monday, building on record highs set by the three major U.S. stock market indexes last week.These stocks were making moves:Oracle gained 5.5% after a senior White House official said a joint venture would be formed to manage a U.