BANGALORE: Larry Ellison has stepped down as chief executive of Oracle, handing off the helm of the successful technology company he co-founded in 1977, the company announced.

Ellison has been Oracle’s only CEO, since he founded the company in 1977. Under Ellison, the company has grew into one of the world’s largest database-software businesses. It is valued at $182.7 billion. Born in New York City to an unwed Jewish mother, Ellison is another famous college dropout after spending one term at the University of Chicago. He would soon move to California and is considered as one of Silicon Valley’s visionaries alongside the likes of Apple’s Steve Jobs and Microsoft’s Bill Gates.

Ellison, who recently turned 70 years old, will be replaced as CEO by in-house executives Safra Catz and Mark Hurd. Ellison will continue to have a hand in the California company’s operations as chief technology officer and executive chairman of the board.