Oracle Hires Former HSBC Legal Chief Levey as New Top Lawyer

Oracle Corp. has hired Stuart Levey, a former law department leader at HSBC Holdings PLC, as its legal chief while the software maker seeks to expand its cloud infrastructure business.

Levey most recently was a principal at consulting firm WestExec Advisors after he stepped down this year as chief executive officer of cryptocurrency-focused Diem Association following the organization’s dissolution.

Oracle disclosed in September that longtime legal chief Dorian Daley had postponed her retirement to help transition her duties.

The company didn’t respond to a request for comment about Levey’s hire. His position is listed as “chief legal officer” in a company Form 4 securities filing made Nov. 5. Levey’s personal LinkedIn page shows he started his new role 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 during its first financial analyst meeting since before the pandemic.

Oracle disclosed in securities filings earlier this month its award of roughly $12 million in stock to Levey, according to a note to clients Wednesday by Max Magee, a senior analyst at VerityData, which tracks management changes and compensation.

Levey spent nearly nine years as HSBC’s top lawyer after spending nearly seven years as the US Treasury Department’s undersecretary for terrorism and financial intelligence. Barclays PLC legal chief Robert Hoyt replaced Levey after he left HSBC in 2020 to become CEO of Diem.

The Meta Platforms Inc.-backed Diem, formerly known as Libra, agreed in January to sell its assets for a reported $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 lawyers from O’Melveny & Myers; Skadden, Arps, Slate, Meagher & Flom; and Fenwick & West.

Levey initially brought on Robert Werner, a former colleague of his at HSBC and the Treasury Department, to be Diem’s top in-house lawyer. Conflicts led Werner to resign after only a few months on the job and he was succeeded by former Homeland Security Department general counsel Stevan Bunnell.

— With reporting by Brody Ford