Oracle Names Hilary Maxson as CFO Amid Major Layoffs
Oracle appoints Hilary Maxson as CFO amid major layoffs — What we know about her salary, stock options
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Oracle Corporation has appointed Hilary Maxson as its new Chief Financial Officer (CFO) following significant layoffs affecting nearly 30,000 employees globally. Maxson, formerly of Schneider Electric, will earn an annual salary of $950,000 and is expected to lead the company during a period of rapid growth in cloud infrastructure demand.
- 01Hilary Maxson appointed as Oracle's new CFO amid layoffs impacting nearly 30,000 employees.
- 02Maxson's annual salary is set at $950,000, with a performance bonus target of $2.5 million.
- 03She will receive equity awards valued at $26 million, with a vesting schedule over four years.
- 04Doug Kehring will transition from Principal Financial Officer to Executive Vice President of Operations.
- 05Oracle's restructuring plan is projected to cost up to $2.1 billion, primarily for severance.
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Oracle Corporation has appointed Hilary Maxson as its new Chief Financial Officer (CFO) effective immediately, following a significant round of layoffs that reportedly affected nearly 30,000 employees worldwide. Maxson, who previously served as CFO at Schneider Electric, will earn an annual base salary of $950,000 and is eligible for a performance-based bonus with a target of $2.5 million. Additionally, she will receive equity awards valued at $26 million, with the majority being time-based and vesting over four years. Doug Kehring will step down as Principal Financial Officer but will continue as Executive Vice President of Operations. The layoffs come as Oracle shifts its focus towards expanding its cloud computing business, with plans to raise between $45 billion and $50 billion to fund this growth. The company anticipates that the total cost of its restructuring plan could reach up to $2.1 billion, primarily for employee severance and related expenses.
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The layoffs and restructuring could lead to significant changes in Oracle's workforce, affecting job security and morale among remaining employees.
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