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Oracle Corp. chief legal officer Stuart Levey earned almost $12.8 million in total compensation during 2023, his first year leading the company’s law department.
Levey joined Oracle late last year as a replacement for longtime legal chief Dorian Daley, who postponed her retirement until the technology giant finalized a $23 million settlement of foreign bribery charges levied by the US Securities and Exchange Commission.
Oracle disclosed in a proxy statement filed Sept. 22 that Levey received nearly $558,000 in base salary, a $650,000 cash bonus, and more than $11.5 million in stock awards in fiscal 2023. Levey’s full-year base salary going forward will be $950,000 with an annual target bonus of $750,000, Oracle said.
At Oracle, Levey oversees all legal matters and manages a “large-scale multinational legal team,” per its proxy. His duties require him to play a “critical role in setting the strategy for Oracle’s litigation and regulatory matters,” as well as take the lead on compliance and ethics, corporate governance, data protection and privacy, and intellectual property, the company said.
Oracle didn’t immediately respond to a comment request about Levey or its in-house legal group. Levey’s compensation package at Oracle is comparable to the roughly $13 million in pay that Deborah “Dev” Stahlkopf earned last year in her first as the top lawyer at Cisco Systems Inc.
Oracle is now based in Austin, Texas, having announced three years ago the relocation of its headquarters from Silicon Valley. The company’s stock price plunged earlier this month after it reported a slowdown in the growth of its cloud business. Oracle’s founder, chairman, and chief technology officer, billionaire Larry Ellison, earlier this year sold off $640 million in company stock.
Daley had been Oracle’s top lawyer since 2007 when she succeeded former law chief Daniel Cooperman. During her nearly two decades at the legal helm, Daley led Oracle through numerous high-stakes legal fights, including a long-running copyright battle with Alphabet Inc.’s Google.
Oracle hired Levey after he spent almost two years as chief executive officer for the Diem Association, a now-defunct cryptocurrency group formerly known as Libra. Prior to that he was legal chief for nearly nine years at global banking giant HSBC Holdings PLC. Levey also worked at the US Treasury Department and US Justice Department after serving as a partner at Baker Botts and Miller, Cassidy, Larocca & Lewin, a former litigation boutique in Washington.
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