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Oracle Corporation (NYSE:ORCL) is leaving behind its dual-CEO corporate structure, opting not to replace its late leader Mark Hurd. 

The company announced the decision in the conference call following its fiscal second quarter results, which leaves remaining CEO Safra Catz as the group’s sole leader.

Chairman Larry Ellison — who was CEO himself until 2014 — said that Oracle won’t necessarily go back to the twin-CEO format but that the company is developing a management team who can be “potential CEOs when both Safra and I retire, which is not anytime soon”.

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Shares of Oracle, meanwhile, dropped 2.7% as the company delivered mixed results in its quarterly report.

For the three months ended November 30, revenue grew 0.5% year-over-year to $9.61 billion from $9.5 billion, coming up short of Street expectations of $9.65 billion, according to FactSet.

Adjusted earnings came in at $0.90 per diluted share, up from $0.80 a year ago, and just ahead of $0.89 per share expectations.

Looking ahead, the company expects fiscal third quarter earnings between $0.95 and $0.97 per share, The Wall Street Journal reported, while analysts are calling for $0.97.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel