Oracle hires new CFO with $950K salary as thousands face layoffs
Oracle on Monday announced it hired a new chief financial officer after the software giant moved forward with layoffs last week.
The company announced that Hilary Maxson will serve as the new CFO, joining Oracle from French industrial conglomerate Schneider Electric where she served in the same role. Oracle said her appointment to the rule is effective immediately.
Maxson, 48, will receive an annual base salary of $950,000 and will be eligible for a performance-based bonus with a target of $2.5 million, Oracle said in a regulatory filing.
The move comes on the heels of Oracle reportedly moving forward with a round of layoffs last week, with CNBC reporting the layoffs will affected thousands of workers at the tech company, according to two people familiar with the matter.
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Oracle's most recent 10-K filing noted the company had about 162,000 full-time employees in May 2025.
The company said in a March filing that it expects the total costs associated with its restructuring plan in fiscal year 2026 to be as high as $2.1 billion, most of which would go to employee severance and related expenses.
Oracle has recently ramped up capital spending to build artificial intelligence (AI) data centers as the company looks to incorporate those tools into its business software services. The company has projected $50 billion in capital expenditures for its fiscal year that ends in May, more than double its spending in the previous fiscal year.
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The cloud computing company said in February it planned to raise as much as $50 billion this year through a combination of debt and equity sales.
The company's stock has been volatile over the last year amid the AI buildout, with shares up about 14% in the last year despite declines of 50% in the last six months and 25% year to date amid concerns that AI presents a competitive threat to software providers.
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Oracle's move to hire Maxson as CFO will reinstate a position that was eliminated after Safra Catz became the company's co-CEO and principal financial officer in 2014.
Maxson will report to Oracle co-CEO Clay Magouyrk in her new role and said in a press release announcing her hiring that she is "excited to join at this pivotal moment."
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She added that she looks forward to partnering with the company's leaders to "continue to invest with discipline and to translate this momentum into durable, long-term value for customers and shareholders."
Reuters contributed to this report.