Oracle announces departure of two oldest directors, narrowing board to 12

Oracle has announced a significant change within its leadership, with the departure of two long-serving board members, both in their eighties. George Conrades, who previously led Akamai, and Naomi Seligman, a prominent figure at technology research firm Ostriker von Simson, have resigned, as disclosed in a recent filing by the company. Conrades, aged 86, was a member of Oracle's board for 18 years, while Seligman, 87, joined in 2005. Oracle clarified that their retirements were amicable and not due to any disagreements regarding the company's operations or policies. Following these departures, Oracle's board has been reduced to 12 directors. This change comes amid a broader shift in the company's management, which saw the abrupt replacement of CEO Safra Catz in September. New leaders Clay Magouyrk and Mike Sicilia have been tasked with accelerating the rollout of data centers equipped with Nvidia GPUs, aimed at supporting AI initiatives for customers like OpenAI and xAI. Despite a surge in Oracle's stock following a remarkable 359% increase in remaining performance obligations, the company's shares have since faced a downturn. Investor confidence has waned, raising concerns about Oracle's capacity to manage its debts while advancing its AI operations. Notably, Larry Ellison, the 81-year-old co-founder and chief technology officer, continues to play a crucial role on the board as executive chairman.