Oracle CEO Larry Ellison is relinquishing the post of chairman of the board to current CFO Jeff Henley, the company said Monday. In addition, Chuck Phillips and Safra Catz each were promoted to president, reporting to Ellison.

Until now, Ellison has held both the CEO and chairman posts at Oracle. But in a meeting Monday the company's board decided to split the two roles and elected Henley, Oracle's CFO for nearly 13 years, to the job. Ellison's management responsibilities as CEO remain unchanged, the company said.

Oracle will begin searching for a replacement CFO immediately; Henley will hold the job until a successor is named.

Catz, an Oracle employee since April 1999 and executive VP of global operations, was named president in charge of global operations. Phillips, who joined Oracle last May as an executive VP, was named president responsible for Oracle field operations, including sales, marketing, and consulting.

The position of president at Oracle has been vacant since the departure of Ray Lane in June 2000.