Oracle has, in the past few minutes, announced that company founder Larry Ellison has stepped down as chief executive, effective immediately.

Outspoken Ellison will remain with the company in the capacity of chief technology officer, and he will continue to oversee all software and hardware engineering functions, Oracle said in a statement.

Taking his place are former company co-presidents Safra Catz and Mark Hurd. Both will take the CEO title, rather than being called "co-CEOs." Catz will also shed her CFO designation, but she will retain her bean-counting responsibilities as the company's principal financial officer.

Hurd, meanwhile, will continue to run the database giant's sales organization and oversee its services and vertical industry businesses. Hurd was HP's CEO until 2010 when he was ousted by HP's board; Ellison tapped up Hurd later that year to become Oracle's president.

"Safra and Mark will now report to the Oracle Board rather than to me," Ellison said in a statement. "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."

No reason was given for Ellison's departure as CEO, which comes on the heels of a difficult year for the company – more on that soon.

Oracle's board of directors also said it had elected Ellison as its executive chairman, while Jeff Henley, who has been the board's chairman for the past 10 years, will become its vice-chairman.

Oracle made the disclosures shortly after Wall Street's closing bell on Thursday, in anticipation of its earnings report for the first quarter of its fiscal 2015, to take place later in the day. ®