Sept 22 (Reuters) - Oracle on Monday named

insiders Clay Magouyrk and Mike Sicilia as co-CEOs, replacing

Safra Catz who was named vice chair of the board after 11 years

at the helm.

Catz steered Oracle through an industry-wide shift,

helping win multi-billion-dollar contracts as companies spend

aggressively to secure computing capacity for AI tech.

Shares of the company were down over 1% in premarket

trading.

Sicilia oversees cloud-based industry-specific

applications and AI solutions across vertical healthcare,

financial services, and retail, while Magouyrk manages Oracle's

underlying cloud infrastructure platform that powers these

applications.

Magouyrk joined Oracle in 2014 from Amazon Web Services

while Sicilia joined Oracle through the acquisition of Primavera

Systems, the company said.

Oracle also reaffirmed its financial guidance provided

earlier this month, where it said it expects booked revenue at

its Oracle Cloud Infrastructure business to exceed half a

trillion dollars, pushing the stock to record highs.