✦ Two Chief Executives and a Chairman of 81Narrow moat

Oracle (ORCL) — the future bets

Oracle handed its largest bet to two new chief executives while an 81-year-old founder owns nearly two-fifths of the company and has pledged part of it.

Oracle is being run by a new team at the moment it takes its largest risk. In September 2025 it promoted Clay Magouyrk and Mike Sicilia to be chief executives, jointly, and Safra Catz, chief executive since 2014, became executive vice chair1. Magouyrk, 39, had run Oracle Cloud Infrastructure; Sicilia, 55, the industries business2. Hilary Maxson became chief financial officer in April 20263.

Ellison holding (millions of shares)1,158Shares owned, Sep 2025346Of which pledged3,024Oracle shares outstanding, Sep 2026Oracle proxy statement 2025; Q1 FY2027 Form 10-Q
About three in ten of his shares pledged.

Above them is the founder. Larry Ellison, 81, has been executive chair and chief technology officer since September 2014 and was chief executive from June 19774. He owned 1,158,232,353 shares, 40.6%, in September 20255, and had pledged 346,000,000 of them as collateral for personal debt6. Ellison said of the two new chief executives: "They are both proven leaders"7.

In September 2026 Ellison cancelled a plan to sell Oracle stock, saying no stock had been sold under it and that he "has no other plans to sell any of his Oracle stock"8. The board also changed, reaching 13 members after a new director joined in May 20269, and two long-serving directors retired in January10.

The first year under the new team was strong on the numbers: the operating margin was 35% in the first quarter of fiscal 2027 against 29% a year earlier11.

Ellison's own pay is nominal. The proxy statement shows a salary of $1 and total compensation of $5,643,947 for fiscal 2025, all of it other compensation12. His interest is his stake, which is why his decision to cancel the sale plan, and to say he has no other plans to sell13, carries weight with other shareholders.

A controlling founder with pledged shares and two new chief executives is an unusual structure for a company borrowing this much. The measure of the new team will be the operating margin as the AI capacity comes into service; if it falls back toward 29% while capex stays high, the plan is costing more than they said.

Moat trajectory: Holding steady

New CEOs since Sep 2025; operating margin 35% in Q1 FY2027.

The number that tests this moat
Reported
Operating margin, latest quarter
35% (Q1 FY2027), from 29%

The new team's first test; a fall back toward 29% while capex stays high would mean the build is costing more than planned.

Source: Oracle Q1 FY2027 results release ↗
References
  1. ReportedIn September 2025 it promoted Clay Magouyrk and Mike Sicilia to be chief executives, jointly, and Safra Catz, chief executive since 2014, became executive vice chair.
    Oracle Form 8-K exhibit 99.1 - Clay Magouyrk and Mike Sicilia promoted to chief executive officers; Safra Catz appointed executive vice chair. — September 2025 · publ. 22 September 2025 · source ↗
  2. ReportedMagouyrk, 39, had run Oracle Cloud Infrastructure; Sicilia, 55, the industries business.
    Oracle Corporation Form 10-K for fiscal 2026 (year ended 31 May 2026) - Item 1 business and executive officers: products, competitors, employees and seasonality. — FY2026 · publ. 22 June 2026 · source ↗
  3. ReportedHilary Maxson became chief financial officer in April 2026.
    Oracle Form 8-K exhibit 99.1 - appointment of Hilary Maxson as chief financial officer. — April 2026 · publ. 6 April 2026 · source ↗
  4. ReportedLarry Ellison, 81, has been executive chair and chief technology officer since September 2014 and was chief executive from June 1977.
    Oracle Corporation Form 10-K for fiscal 2026 (year ended 31 May 2026) - Item 1 business and executive officers: products, competitors, employees and seasonality. — FY2026 · publ. 22 June 2026 · source ↗
  5. ReportedHe owned 1,158,232,353 shares, 40.6%, in September 2025, and had pledged 346,000,000 of them as collateral for personal debt.
    Oracle definitive proxy statement 2025 - beneficial ownership (Ellison 1,158,232,353 shares, 40.6%) and pledged shares. — September 2025 · publ. September 2025 · source ↗
  6. ReportedHe owned 1,158,232,353 shares, 40.6%, in September 2025, and had pledged 346,000,000 of them as collateral for personal debt.
    Oracle definitive proxy statement 2025 - beneficial ownership (Ellison 1,158,232,353 shares, 40.6%) and pledged shares. — September 2025 · publ. September 2025 · source ↗
  7. ReportedEllison said of the two new chief executives: "They are both proven leaders".
    Oracle Form 8-K exhibit 99.1 - Clay Magouyrk and Mike Sicilia promoted to chief executive officers; Safra Catz appointed executive vice chair. — September 2025 · publ. 22 September 2025 · source ↗
  8. ReportedIn September 2026 Ellison cancelled a plan to sell Oracle stock, saying no stock had been sold under it and that he "has no other plans to sell any of his Oracle stock".
    Oracle Form 8-K exhibit 99.1 - Larry Ellison cancels his 10b5-1 plan to sell Oracle stock. — September 2026 · publ. 12 September 2026 · source ↗
  9. ReportedThe board also changed, reaching 13 members after a new director joined in May 2026, and two long-serving directors retired in January.
    Oracle Form 8-K exhibit 99.1 - new director elected; board increased to 13. — May 2026 · publ. 12 May 2026 · source ↗
  10. ReportedThe board also changed, reaching 13 members after a new director joined in May 2026, and two long-serving directors retired in January.
    Oracle Form 8-K - retirement of two directors. — January 2026 · publ. 9 January 2026 · source ↗
  11. ReportedThe first year under the new team was strong on the numbers: the operating margin was 35% in the first quarter of fiscal 2027 against 29% a year earlier.
    Oracle first-quarter fiscal 2027 results release, Form 8-K exhibit 99.1, with supplemental tables - income statement, cash flow statement and balance sheet. — Q1 FY2027 · publ. 10 September 2026 · source ↗
  12. ReportedThe proxy statement shows a salary of $1 and total compensation of $5,643,947 for fiscal 2025, all of it other compensation.
    Oracle definitive proxy statement 2025 - beneficial ownership (Ellison 1,158,232,353 shares, 40.6%) and pledged shares. — September 2025 · publ. September 2025 · source ↗
  13. ReportedHis interest is his stake, which is why his decision to cancel the sale plan, and to say he has no other plans to sell, carries weight with other shareholders.
    Oracle Form 8-K exhibit 99.1 - Larry Ellison cancels his 10b5-1 plan to sell Oracle stock. — September 2026 · publ. 12 September 2026 · source ↗
Sources
Generated September 25, 2026