April 6 (Reuters) – Oracle on Monday appointed Hilary Maxson as chief financial officer, tapping an executive with experience in infrastructure and energy to steer its efforts to meet surging demand for artificial intelligence and cloud services.
The appointment comes as the technology company has been taking on a heavy debt load to fuel its massive AI infrastructure spending.
Maxson, whose appointment is effective immediately, had served as group CFO at Schneider Electric, an energy management and automation company with over $45 billion in annual revenue, Oracle said.
Maxson said she aimed to ensure continued disciplined investment for creating lasting value for both customers and shareholders.
Doug Kehring, who served as Oracle’s Principal Financial Officer for the past six months, will step down following the new appointment and will return to focusing on the company’s go-to-market operations.
Maxson, 48, will receive an annual base salary of $950,000 and will be eligible for a performance-based bonus with a target of $2.5 million, Oracle said in a regulatory filing.
Shares of the company were up 0.4% in premarket trading. They have fallen about 25% so far this year.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Sriraj Kalluvila)