Oracle’s Chief Legal Officer Pushes Retirement in SEC Settlement (1)

Oracle’s Chief Legal Officer Pushes Retirement in SEC Settlement (1)

Dorian Daley, head of Oracle Corp.’s longtime legal group, has postponed his planned retirement as the company this week agreed to settle charges of violating the Foreign Corrupt Practices Act.

Daley and Oracle “chosen to extend his employment for a short period to further assist in the transition of his duties,” the company said in a proxy statement filed Sept. 23.

Daley and Oracle over the summer revealed his plans to retire in August after three decades at the Austin, Texas-based company. The filing, which shows Daley received nearly $15 million in total compensation from Oracle in fiscal 2022, noted that “there has been no change” in his intention to retire. .

Daley has served as Oracle’s general counsel since late 2007. She did not respond to a request for comment. An Oracle spokeswoman declined to comment.

Oracle on Sept. 27 agreed to pay $23 million to settle U.S. Securities and Exchange Commission charges that the software and technology provider’s subsidiaries in India, Turkey, and the United Arab Emirates violated the FCPA. The subsidiaries have been accused of using slush funds to bribe foreign officials in exchange for business.

The agreement calls for Oracle to pay a $15 million fine and return $8 million due to the company’s actions, for which it neither admitted nor denied wrongdoing.

Oracle also agreed to strengthen its global compliance, risk, and control practices by creating 15 new positions and teams globally and at its headquarters in Texas. The company recently moved from Silicon Valley to California.

Paid plan

Daley’s 2022 salary package included more than $12.9 million in stock, a $1 million bonus and an annual base salary of $887,500, according to the proxy. She previously received nearly $11.3 million in total compensation from Oracle in 2021 and $10.1 million the year before.

The company’s attorney said Daley’s above-target cash bonus for 2022 was awarded in recognition of his “significant contributions to Oracle’s strategy and legal successes.”

Securities filings show Daley has not sold any Oracle shares this year, despite offloading more than $45.6 million in company stock in 2021. Daley currently owns nearly $23 million in stock. Oracle, according to data from Bloomberg.

Oracle received regulatory approval in June to complete its $28.3 billion buyout of medical records giant Cerner Corp., which it agreed to acquire last year. Kirkland & Ellis and Hogan Lovells advised Oracle on this transaction.

Orrick, Herrington & Sutcliffe, which took the helm of Oracle in a long-running copyright fight with Alphabet Inc.’s Google, is also representing the company in a pay equity lawsuit brought by former employees.

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