Oracle Lays Off 700 Workers Amid AI Investments and New CFO Appointment
Oracle has laid off about 700 workers, with the cuts set to occur by June 1, according to company statements. The layoffs target specific locations in California and follow a recent appointment of Hilary Maxson as the new CFO. Analysts predict potential for larger reductions to support Oracle's AI infrastructure expansion.
thehindu.com700 Employees Oracle laid off about 700 workers, with the layoffs expected to occur by June 1, the company stated.
The cuts include 310 workers in Redwood City, 184 in Santa Clara, 158 in Pleasanton, and 50 in Santa Monica, according to California state records. Laid-off employees immediately forfeited their unvested stock, though their vested stock remained accessible, Marketwise reported.
Nina Lewis, a 30-year Oracle veteran, wrote on LinkedIn: 'Well, after 30+ years at Oracle, I join the 30,000 or so laid off today.
' Michael Shepherd, an Oracle senior manager, wrote on LinkedIn that the layoffs were not performance based and told the New York Post in a Monday email: 'I really dont [sic] have anything else to add besides the people laid off, it was not performance related, we lost some of the most experienced, critical people.
Cowen predicted that Oracle could cut up to 30,000 workers.
TD Cowen analysts predicted earlier this year that Oracle layoffs could free up $8 to $10 billion in cash flow. ' Nina Lewis clarified in a follow-up LinkedIn post that she had no specific inside knowledge of any layoff algorithm but that rumors among employees appear to match a possible pattern.
hired Hilary Maxson as its new CFO earlier this month.
Hilary Maxson, aged 48, previously served as executive vice president and led finance at Schneider Electric. Hilary Maxson's compensation package includes a $26 million stock package and a $950,000 annual base salary, according to Marketwise. Hilary Maxson is Oracle's first CFO since 2014, when Safra Catz took on the roles of both CEO and main financial officer.
U.S. Citizenship and Immigration Services data.
Oracle reported a 95% increase in net income last quarter to $6.
13 billion. Oracle plans $50 billion in capital expenditures for the current fiscal year. Oracle has taken on more than $100 billion in debt to finance AI infrastructure buildout.
