George Conrades, then chairman and CEO of Akamai Technologies, speaks during the National Infrastructure Advisory Council meeting in Washington, April 13, 2004.
Jay Marin | Bloomberg | Getty Images
oracle announced Friday that two longtime board members, both 80 years old, have resigned from the board.
George Conrades, former CEO of a content network distribution company AkamaiOracle announced in a filing that it is retiring along with Naomi Seligman, a senior partner at technology research firm Ostriker von Simson. Mr. Conrades, 86, has been a director for 18 years. Mr. Seligman, 87, joined the board in 2005.
“Neither termination was the result of any dispute or disagreement with Oracle regarding any matter relating to Oracle’s operations, policies or practices,” the company said. The Board of Directors currently consists of 12 directors.
The software maker and cloud infrastructure provider has been under new management since September, when it abruptly announced that CEO Safra Catz, 64, would be replaced by two executives, Clay Magwiruk and Mike Sicilia. Magwilk and Sicilia are committed to opening data centers quickly. Nvidia A graphics processing unit that can run generative artificial intelligence models on behalf of clients such as OpenAI and xAI.
Oracle stock soared in September after the company disclosed a 359% increase in its remaining performance obligations, suggesting subsequent revenue growth would accelerate year over year. But the stock price plummeted in the fourth quarter, more than wiping out earlier gains as Wall Street grew increasingly doubtful about the company’s ability to service its debt while delivering on AI.
Larry Ellison, 81, Oracle’s co-founder and chief technology officer, will remain on the company’s board of directors and continue as executive chairman.
WATCH: Oracle’s success is directly related to OpenAI’s financial strength, says Jefferies’ Brent Till
