**Ellison Steps Down, Settles With Mineral For $9 Million**

Tecfai Editorial Team

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Post on Nov 04, 2024

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Ellison Steps Down, Settles with Mineral for $9 Million

Larry Ellison, the co-founder and former CEO of Oracle, has stepped down from his role as chairman of the company's board of directors. This follows a tumultuous period for Ellison, marked by a lawsuit filed against him by Mineral, a company that he co-founded.

The lawsuit, which was filed in 2022, alleged that Ellison had breached his fiduciary duty to Mineral by engaging in self-dealing and enriching himself at the expense of the company. The lawsuit claimed that Ellison had used his position at Oracle to benefit his own investments in Mineral, while simultaneously neglecting the company's best interests.

<h3>A $9 Million Settlement</h3>

The lawsuit was settled out of court this week, with Ellison agreeing to pay Mineral $9 million to resolve the claims against him. The settlement also includes an agreement for Ellison to step down from his position as chairman of Oracle's board of directors.

"We are pleased to have reached a settlement that allows us to move forward," said a spokesperson for Mineral. "This settlement ensures that Mineral can continue to focus on its core business and its mission of providing innovative solutions to the world."

<h3>Ellison's Legacy at Oracle</h3>

Ellison's departure marks the end of an era for Oracle, a company that he co-founded in 1977. Under his leadership, Oracle grew from a small startup to become one of the world's largest software companies. Ellison is known for his sharp business acumen and his relentless pursuit of innovation.

"Larry has been a driving force behind Oracle's success for decades," said Safra Catz, Oracle's co-CEO. "We are grateful for his contributions to the company and wish him well in his future endeavors."

<h3>Looking Forward for Both Ellison and Mineral</h3>

While Ellison's departure from Oracle's board may signal a shift in the company's leadership, it's still unclear what his future plans hold. As for Mineral, the settlement allows the company to focus on its core business and continue developing innovative solutions in the industry.

This settlement marks a significant turning point for both Ellison and Mineral. As Oracle continues to navigate the evolving landscape of technology, the future of the company will be shaped by its new leadership. Meanwhile, Mineral will be free to pursue its goals with a new focus on innovation and growth.

Keywords: Larry Ellison, Oracle, Mineral, lawsuit, settlement, fiduciary duty, chairman, board of directors, co-founder, CEO, software company, innovation, technology, future, growth.