Oracle has named Clay Magouyrk and Mike Sicilia as CEOs, with current CEO Safra Catz becoming executive vice chair of the technology company's board.

The announcement comes as Oracle founder Larry Ellison has been named as part of a group that could be part of a deal in which the U.S. will take control of the social video platform TikTok. The group is also said to include media mogul Rupert Murdoch and tech founder Michael Dell.

Ellison currently serves as Oracle's chairman and chief technology officer.

Oracle said Monday that Magouyrk previously served as president of Oracle Cloud Infrastructure. He joined Oracle in 2014 from Amazon Web Services and is a founding member of Oracle's cloud engineering team.

Sicilia was president of Oracle Industries and joined the company when Oracle acquired Primavera Systems.

"Humanity is investing enormous resources in the race to advance artificial intelligence," Ellison said in a statement. "Oracle Cloud Infrastructure is playing a major part in that effort. Clay's years of experience leading Oracle's large, fast-growing cloud infrastructure business has demonstrated his readiness for a CEO role. Mike has spent the last several years modernizing Oracle's industry applications businesses--including Oracle Health--by completely rebuilding those applications using the latest AI technologies."

Catz has served as Oracle's CEO since 2014. Earlier this month she said that Oracle signed four multi-billion dollar contracts during its latest quarter, and it expects cloud infrastructure revenue to jump 77% to $18 billion this fiscal year. After that, it expects such revenue to soar to $144 billion in just four years.