Oracle named Hilary Maxson on Monday as its new chief financial officer. She will help manage the company's finances as it invests heavily in AI and cloud services. The move was announced days after Oracle laid off around 30,000 employees in a cold 6:00 a.m. email.
Maxson has experience in infrastructure and energy. She was previously group CFO at Schneider Electric, which makes energy management and automation products with a revenue of over $45 billion yearly, Reuters reported.
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Her appointment comes as Oracle is taking on significant debt to fund its AI infrastructure. Maxson's appointment is effective immediately, and she is expected to guide spending and financial planning at the company.
Hilary Maxson's Salary At Oracle
Maxson, 48, will earn an annual base salary of $950,000. She is also eligible for a performance-based bonus with a target of $2.5 million, according to Oracle's regulatory filing. Oracle will also cover up to $250,000 in Maxson's relocation expenses for up to 12 months from her start date.
According to LiveMint, Maxson will also receive equity awards valued at $26 million. About 80% is time-based ($20.8 million) and 20% performance-based ($5.2 million). She can choose either 100% stock options or a mix of 50% options and 50% restricted stock units (RSUs), Oracle said.
Timing Of Her Appointment
Maxson, reporting to Oracle co-CEO Clay Magouyrk, said that she plans to maintain disciplined investments to create lasting value for the company's customers and shareholders. Investors are closely watching Oracle's AI infrastructure spending as its debt rises. It plans nearly $50 billion in capital expenditure for the fiscal year ending May, more than doubling from the previous fiscal.
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Amid its AI ambitions, Oracle shocked the tech sector by laying off an estimated 30,000 employees earlier this month. Oracle or its founder, Larry Ellison, the sixth richest person with a net worth of $194 billion, has not yet reacted to the criticism over the layoffs.
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