Oracle co-founder Larry Ellison stepped down from his post as CEO on Thursday. In his absence, co-presidents Mark Hurd and Safra Catz will serve as co-CEOs according to a company press release on the matter.

Hurd will continue to run sales, marketing and strategy for Oracle while manufacturing, finance and legal departments will report to Catz.

The 70-year-old executive won't be leaving the company he helped create, however, as he has been elected to the position of chairman of Oracle's board. Ellison replaces Jeff Henley, who served as chairman for the last 10 years. Henley will stick around as vice chairman, the company said.

In a statement on the matter, the president of Oracle's board, Dr. Michael Boskin, said Page made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy.

As such, the Silicon Valley legend will also serve as chief technology officer with all software and hardware engineering departments reporting directly to him.

Boskin added that Hurd and Catz are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The board is thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future, he concluded.

Ellis has led Oracle to a market capitalization of more than $185 billion with annual revenue of $38 billion since founding the company in 1977.