8-KLeadership ChangesExhibits & Filings

ORACLE CORP 8-K Report, Executive Changes (Sep 8, 2010)

Filed September 8, 2010For Securities:ORCLORCL-PD

Summary

This Oracle Corp. 8-K filing from September 2010 announces significant executive changes. Notably, Mark V. Hurd has been appointed as a President of Oracle and elected to its board of directors. Concurrently, Charles E. Phillips Jr. has resigned from his position as President and board member. These appointments and resignations are effective as of early September 2010. Mr. Hurd's compensation package includes a substantial base salary, eligibility for a significant annual bonus, and substantial stock option grants, reflecting his senior role and experience, particularly his prior leadership at Hewlett-Packard. His responsibilities will encompass global sales, consulting, marketing, and support organizations, reporting directly to CEO Larry Ellison. This move signals a strategic reinforcement of Oracle's sales and operational leadership.

Key Highlights

  • 1Mark V. Hurd appointed as President of Oracle and elected to the Board of Directors on September 6, 2010.
  • 2Charles E. Phillips Jr. resigned as President and a member of the Board of Directors on September 5, 2010.
  • 3Mr. Hurd will lead Oracle's global sales, consulting, marketing, and support organizations.
  • 4Mr. Hurd's compensation includes an annual salary of $950,000, eligibility for a substantial bonus (target $5M, max $10M), and significant stock options.
  • 5Mr. Hurd is granted an initial stock option for 10,000,000 shares and will receive 5,000,000 shares annually for the next five years, vesting over time.
  • 6The filing attaches press releases detailing Mr. Hurd's appointment and Mr. Phillips' resignation as exhibits.
  • 7Mr. Hurd previously served as CEO and Chairman of Hewlett-Packard.

Frequently Asked Questions

The most significant executive changes are the appointment of Mark V. Hurd as President and his election to the Board of Directors, and the resignation of Charles E. Phillips Jr. as President and a board member.

As President, Mark V. Hurd will be responsible for Oracle's global sales, consulting, marketing, and support organizations. He will report directly to Oracle's CEO, Larry Ellison.

Mr. Hurd's compensation includes an annual salary of $950,000, eligibility for an annual bonus (with a target of $5,000,000 and a maximum of $10,000,000), and substantial stock option grants totaling 10,000,000 shares upon commencement and an additional 5,000,000 shares annually for the next five years, subject to vesting conditions.

The 8-K filing does not provide specific reasons for Mr. Phillips' resignation. It only states that he resigned from his positions as President and a member of the Board of Directors.