Oracle founder Larry Ellison is stepping down as chief executive after 37 years at the helm of the company.

Ellison, now 70,  won’t however be forsaking the company, instead moving into a position as executive chairman and chief technology officer for the vendor.

“Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy,” says Dr Michael Bosking, Oracle board’s presiding director.

The chief executive position will be filled by Safra Catz and Mark Hurd, with all manufacturing, finance and legal functions reporting to Catz, while sales, service and vertical industry global business reporting to Hurd. The two have been co-presidents since 2010.

Software and hardware engineering functions will report to Ellison.

Catz and Hurd will now report to the Oracle board, rather than to Ellison.

Says Ellison: All the other reporting relationships will remain unchanged.

“The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine.”