Levey’s Compensation Package Comparable to Other Top In-House Lawyers
In 2023, Stuart Levey, the Chief Legal Officer of Oracle Corp., received substantial compensation totaling nearly $12.8 million during his inaugural year at the helm of the company’s legal department. His appointment came as Oracle sought to replace long-serving legal chief Dorian Daley, who had postponed her retirement due to the finalization of a $23 million settlement related to foreign bribery charges brought by the US Securities and Exchange Commission.
Levey’s annual earnings included a base salary of approximately $558,000, a cash bonus of $650,000, and stock awards valued at over $11.5 million for the fiscal year 2023. Going forward, Levey’s annual base salary will be $950,000, with an annual target bonus of $750,000.
Levey Plays a Pivotal Role in Defining Oracle’s Litigation and Regulatory Strategies
Levey’s role at Oracle encompasses the oversight of all legal affairs and the management of a large multinational legal team. He plays a pivotal role in defining the company’s litigation and regulatory strategies and leading initiatives related to compliance, ethics, corporate governance, data protection, privacy, and intellectual property.
While Oracle did not provide immediate comment on Levey or its in-house legal group, it’s worth noting that Levey’s compensation package at Oracle is comparable to the approximately $13 million earned by Deborah “Dev” Stahlkopf during her first year as the top lawyer at Cisco Systems Inc.
Oracle Faced a Decline in Stock Price Earlier in the Month Due to Slowdown in Cloud Growth
Oracle, which relocated its headquarters from Silicon Valley to Austin, Texas, three years ago, faced a decline in its stock price earlier in the month, attributed to a slowdown in the growth of its cloud business. The company’s founder, chairman, and chief technology officer, Larry Ellison, also sold off $640 million in stock earlier this year.
Dorian Daley had served as Oracle’s top lawyer since 2007, succeeding former law chief Daniel Cooperman. During her nearly two-decade tenure in this role, Daley guided Oracle through various high-stakes legal battles, including a protracted copyright dispute with Alphabet Inc.’s Google.
Levey’s recruitment by Oracle followed his tenure as the Chief Executive Officer of the Diem Association, a now-defunct cryptocurrency group formerly known as Libra. Before this role, he served as the legal chief at global banking giant HSBC Holdings PLC for nearly nine years. Levey’s extensive legal experience includes positions at the US Treasury Department and US Justice Department, following his time as a partner at Baker Botts and Miller, Cassidy, Larocca & Lewin, a former litigation boutique in Washington.
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