In a significant leadership shift, Oracle has appointed two new co-CEOs to lead the company as it intensifies its focus on artificial intelligence. Clay Magouyrk, who previously managed Oracle’s cloud infrastructure business, and Mike Sicilia, head of Oracle Industries, will take over the reins from Safra Catz. Catz, who has served as CEO since 2019 and was a co-CEO starting in 2014, will transition to the role of executive vice chair.
This change comes at a time when Oracle has experienced a surge in stock prices, largely attributed to the booming demand for AI technologies, contributing to a substantial growth in its cloud computing division. The company has reported a staggering backlog of $455 billion following several lucrative cloud deals in its fiscal first quarter. Co-founder Larry Ellison highlighted the successful partnership he has had with Catz over the past 26 years, stating that their collective guidance will continue to shape Oracle’s future.
Meanwhile, shares of Kenvue, the maker of Tylenol, have taken a hit amid reports that the White House is set to announce findings linking the medication to an increased risk of autism in pregnant women. The announcement reportedly references studies that suggest acetaminophen, the active ingredient in Tylenol, may pose such risks. Kenvue refuted these claims, asserting that scientific research does not support any connection between acetaminophen use and autism, and expressed concern about the potential health implications for expectant mothers.
In another notable development in the real estate sector, Anywhere Real Estate’s stock surged nearly 60% following the announcement that it would merge with Compass, known as Christie’s International. This all-stock transaction values the combined firm at around $10 billion, with Compass shareholders set to control 78% of the new entity. Compass CEO Robert Reffkin emphasized the advantages of merging two influential companies in the industry, while retaining the unique identities of their respective brands.
Additionally, several other prominent companies have also announced new leadership. T-Mobile US has appointed Srini Gopalan to replace CEO Mike Sievert starting November 1, and Molson Coors has named Rahul Goyal as its new CEO, effective October 1. These developments reflect a wave of leadership changes across various industries, with Oracle’s stock notably up 85% this year, contrasted with Molson Coors’ 20% decline.
Meanwhile, Pfizer has made headlines by agreeing to acquire Metsera, a biopharmaceutical company, for up to $7.3 billion, marking its entry into the competitive weight-loss drug market. The agreement includes an initial cash payment of $47.50 per share, in addition to potential performance-based incentives linked to the success of Metsera’s obesity treatments. This acquisition aligns with Pfizer’s strategy to target promising areas of health care investment.
As the week begins, stock futures indicate a cautious start, with indicators for major indexes like the Dow Jones, S&P 500, and Nasdaq showing slight declines.
