Oracle Appoints Hilary Maxson As CFO With $29.7 Million Package After Firing 30,000 Employees

Just days after firing 30,000 employees globally, reportedly due to AI-driven cost-cutting, Oracle has appointed Hilary Maxson as its new Chief Financial Officer (CFO) with a massive pay day. While 12,000 workers were also let go in India, Maxson steps in with a $950,000 (Rs 8.8 crore) salary and a $2.5 million (Rs 23.2 crore) bonus potential. Her deal is further sweetened by a $26 million (Rs 241.7 crore) equity grant, where 80 per cent is time-based ($20.8 million) and 20 per cent performance-based ($5.2 million).

Maxson can choose either 100 per cent stock options or a mix of 50 per cent options and 50 per cent restricted stock units (RSUs). Apart from the lucrative package, Oracle will also provide a $250,000 (Rs 2.3 crore) relocation allowance to Maxson, taking her total package to $29.7 million.

"Ms Maxson will receive an annual base salary of $950,000 and will be eligible to receive an annual performance-based bonus with a target of $2,500,000 based on achievement of certain performance metrics, which will be prorated for the period from her start date of April 6, 2026 until Oracle's fiscal year end on May 31, 2026," Oracle stated in its official filing.

Prior to joining Oracle, Maxson served as executive vice president and group CFO at Schneider Electric. She also spent 12 years at the AES Corporation, where she held senior leadership roles across finance, strategy, and M&A.

"Oracle has built extraordinary momentum at the intersection of cloud, AI, and industry applications. I'm excited to join at this pivotal moment, and I look forward to partnering with Clay, Mike, and the broader leadership team to continue to invest with discipline and to translate this momentum into durable, long-term value for customers and shareholders," said Maxson after joining the company.

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Oracle Fires 30,000

Oracle broke the news of the layoffs to employees in an email sent around 6 am. The layoffs are believed to be part of a large-scale global restructuring effort, with cuts affecting staff across Oracle Health, Sales, Cloud, Customer Success, and NetSuite.

"We are sharing some difficult news regarding your position. After careful consideration of Oracle's current business needs, we have made the decision to eliminate your role as part of a broader organisational change. As a result, today is your last working day. We are grateful for your dedication, hard work, and the impact you have made during your time with us," read the email to employees.

The lucrative appointment coincides with a significant financial downturn, with Oracle reporting a $394 million free cash flow deficit for fiscal 2025, a stark contrast to the $25.3 billion accumulated between 2022 and 2024, according to a Reuters report. The investors have also raised concerns about the amount of debt Oracle is raising for AI investments.