Oracle Hires Former HSBC Legal Chief Levey as New Top Lawyer | Media Pyro

Oracle Corp. has hired Stuart Levey, a former head of legal at HSBC Holdings PLC, as chief legal officer as the software maker looks to expand its cloud infrastructure business.

Levey is a principal at consulting firm WestExec Advisors after stepping down this year as chief executive officer of the cryptocurrency-focused Diem Association after the organization was dissolved.

Oracle announced in September that longtime chief legal officer Dorian Daley had delayed his retirement to help with the transition.

The company did not respond to a request for comment on Levey’s salary. His position is listed as “chief legal officer” in the company’s Form 4 security filing filed Nov. 5. Levey’s personal LinkedIn page shows he started his new job last month.

Oracle expects to generate $65 billion in annual revenue by fiscal year 2026 as it works to expand its cloud infrastructure market share, the company said last month in during his first financial analyst meeting since before the pandemic.

Oracle said in a securities filing earlier this month that it will award $12 million in stock to Levey, according to a note to clients Wednesday by Max Magee, a senior analyst at VerityData, which tracks organizational changes and costs.

Levey spent nearly nine years as HSBC’s general counsel after spending nearly seven years as the US Treasury Department’s deputy secretary for counterterrorism and financial intelligence. Barclays PLC chief legal officer Robert Hoyt replaced Levey after he left HSBC in 2020 to become Diem’s ​​CEO.

Meta Platforms Inc.-backed Diem, formerly known as Libra, agreed in January to sell its assets for $200 million to Silvergate Capital Corp., a La Jolla, Calif.-based bank holding company. for cryptocurrencies.

Holland & Knight advised Silvergate on the deal, while Diem turned to O’Melveny & Myers lawyers; Skadden, Arps, Slate, Meagher & Flom; and Fenwick & West.

Levey initially brought in Robert Werner, a former colleague of his at HSBC and the Treasury Department, as Diem’s ​​in-house counsel. The problems led to Werner’s resignation after just a few months on the job, and he was replaced by former Homeland Security chief adviser Stevan Bunnell.

— Reporting by Brody Ford