Larry Ellison, the founder and longtime CEO of one of the first major tech companies to become a Silicon Valley behemoth, is stepping down from that role. Its a major shift for one of the world’s biggest tech companies, though maybe more important in that Ellison is father to two major Hollywood players: son David Ellison, who runs producer-financier Skydance Productions, and daughter Megan Ellison, who runs Annapurna Pictures.

Oracle logoLarry Ellison, who had been CEO since founding Oracle in 1977, will remain as Executive Chairman of its board and serve as the company’s Chief Technology Officer. He will be replaced at the top by Safra Catz and Mark Hurd. Catz will oversee manufacturing, finance, and legal functions, while Hurd will handle software and hardware engineering functions and report to Ellison.

“Safra and Mark will now report to the Oracle board rather than to me,” said Ellison in the company’s release announcing the shift. “All the other reporting relationships will remain unchanged. The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine.”

Oracle shares were down 2% in post-market trading on the news.

Megan Ellison’s Annapurna has been getting behind such prestige titles as 2013’s American Hustle and Her, a pair of Best Picture Oscar nominees. She also produced Zero Dark Thirty. David Ellison’s Skydance has a production deal at Paramount, where it has been behind some of the Mission: Impossible and Star Trek movies, Jack Reacher and the upcoming Terminator reboot.