Summary
This Form 8-K filing from Oracle Corporation, dated March 13, 2007, reports a significant addition to its senior finance team. The most crucial information for investors is the appointment of William Corey West as the new Vice President, Corporate Controller, and Chief Accounting Officer, effective April 2, 2007. Mr. West brings a wealth of experience from prominent companies like Intuit, The Gap, Cadence Design Systems, and Adecco, including a substantial tenure as a partner at Arthur Andersen LLP. This appointment signals Oracle's commitment to maintaining robust financial reporting and accounting oversight, especially critical for a company of Oracle's size and complexity. Investors should note the competitive compensation package offered, including a base salary of $325,000, eligibility for the Global Performance Bonus Plan with a target bonus of $100,000 for fiscal year 2007, and an equity award of 100,000 stock options. The standard indemnification agreement also provides assurance regarding executive protections.
Key Highlights
- 1Appointment of William Corey West as Vice President, Corporate Controller, and Chief Accounting Officer, effective April 2, 2007.
- 2Mr. West has extensive experience, including his most recent role as Director of Accounting at Intuit Inc.
- 3Previous roles for Mr. West include leadership positions at The Gap, Inc., Cadence Design Systems, Inc., and Adecco, Inc.
- 4Mr. West spent 14 years at Arthur Andersen LLP, reaching the level of partner.
- 5Mr. West's starting annual base salary will be $325,000.
- 6He is eligible for Oracle's Global Performance Bonus Plan with a target bonus of $100,000 for fiscal year 2007.
- 7A proposal will be made to grant Mr. West an option to purchase 100,000 shares of common stock.