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Oracle names new CFO as thousands of layoffs reported at tech giant
J.P. Morgan Private Bank U.S. equity strategist Abby Yoder discusses stock market performance on The Claman Countdown.
Oracle on Monday announced it hired a new chief financial officer after the software giant moved forward with layoffs last week.
The company announced that Hilary Maxson will serve as the new CFO, joining Oracle from French industrial conglomerate Schneider Electric where she served in the same role. Oracle said her appointment to the rule is effective immediately.
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.
The move comes on the heels of Oracle reportedly moving forward with a round of layoffs last week, with CNBC reporting the layoffs will affected thousands of workers at the tech company, according to two people familiar with the matter.
ORACLE LAYING OFF THOUSANDS OF WORKERS TO CUT COSTS AMID AI PUSH: REPORT

Oracle has hired a new CFO as the company grapples with a costly AI buildout and restructures its workforce amid reported layoffs. (David Paul Morris/Bloomberg via Getty Images)
Oracle’s most recent 10-K filing noted the company had about 162,000 full-time employees in May 2025.
The company said in a March filing that it expects the total costs associated with its restructuring plan in fiscal year 2026 to be as high as $2.1 billion, most of which would go to employee severance and related expenses.
Oracle has recently ramped up capital spending to build artificial intelligence (AI) data centers as the company looks to incorporate those tools into its business software services. The company has projected $50 billion in capital expenditures for its fiscal year that ends in May, more than double its spending in the previous fiscal year.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 145.54 | -0.86 | -0.59% |
The cloud computing company said in February it planned to raise as much as $50 billion this year through a combination of debt and equity sales.
The company’s stock has been volatile over the last year amid the AI buildout, with shares up about 14% in the last year despite declines of 50% in the last six months and 25% year to date amid concerns that AI presents a competitive threat to software providers.
ORACLE EXPECTED TO SLASH THOUSANDS OF JOBS AS MASSIVE AI SPENDING CREATES FINANCIAL CASH CRISIS

Oracle’s stock has been volatile amid its AI buildout. (Getty Images)
Oracle’s move to hire Maxson as CFO will reinstate a position that was eliminated after Safra Catz became the company’s co-CEO and principal financial officer in 2014.
Maxson will report to Oracle co-CEO Clay Magouyrk in her new role and said in a press release announcing her hiring that she is “excited to join at this pivotal moment.”
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She added that she looks forward to partnering with the company’s leaders to “continue to invest with discipline and to translate this momentum into durable, long-term value for customers and shareholders.”
Reuters contributed to this report.
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U POWER LIMITED Achieves Significant Milestone in Revolutionizing Thailand’s Heavy-Duty Truck Battery-Swapping Industry
U POWER Limited will launch its Hong Kong taxi battery-swapping operations in Q2 2026. The project aims to enhance commercial vehicle electrification and improve operational efficiency in high-density urban markets.
Hong Kong Taxi Battery-Swapping Operations Expected to Launch Soon
U POWER Limited, a provider of specialized solutions for next-generation energy networks and intelligent transportation systems, announced that, following its securing an order for 1,000 battery-swapping heavy-duty trucks in Thailand and completing production of the first batch of vehicles, its Hong Kong taxi battery-swapping project is also expected to complete station deployment and commence operations in the second quarter of 2026. This development marks a new stage of full commercial rollout for U POWER LIMITED’s battery-swapping business for commercial vehicles across the Asian market.
Successful Validation of Commercial Use Cases Supports Scaled Growth of the Battery-Swapping Model
As one of the earliest technology companies in the industry to invest in the R&D and commercialization of battery-swapping solutions, U POWER LIMITED began promoting its UOTTA battery-swapping model for commercial vehicles in 2020 and achieved proven success in mainland China. After becoming the world’s first publicly listed battery-swapping technology company in 2023, U POWER accelerated its international expansion strategy, entering into partnerships with several major enterprises, including Thailand’s SUSCO (Susco Public Company Limited) and Whale Logistics Group.
In 2025, the company successfully launched a taxi battery-swapping business in Phuket, Thailand, and introduced its UNEX heavy-duty truck battery-swapping project to the Thai market, becoming the first company in overseas markets to achieve scaled commercial operations of battery swapping for commercial transport vehicles.
Further Advancing Hong Kong Taxi Battery-Swapping Project
U POWER LIMITED began laying out its strategy for the Hong Kong taxi battery-swapping market in 2024. In June 2025, the company completed Hong Kong’s first demonstration battery-swapping station capable of commercial operation. Since then, it has continued discussions with taxi industry partners regarding the broader rollout of battery-swapping taxis.
After identifying a vehicle model suitable for the Hong Kong market in October 2024, the company conducted ongoing road-testing and battery-swapping compatibility validation, while completing the relevant certifications in accordance with the Transport Department’s market access requirements for taxi vehicles. According to the company, this batch of battery-swapping taxis has now met the conditions for on-road operation. In parallel with the construction of battery-swapping stations, U POWER is targeting market launch in the second quarter of 2026.
Focused on Commercial Vehicle Battery Swapping and Optimistic About the Hong Kong Market
Li Jia, Founder and CEO of U POWER LIMITED, said that the company has become an undisputed leader in the ecological development and commercialization of battery-swapping solutions for commercial vehicles in overseas markets outside mainland China.
“Leveraging our AI-driven energy management system and standardized battery-swapping infrastructure, we are building an ecosystem for a wide range of commercial battery-swapping vehicles and advancing the electrification of commercial transportation,” Li said.
Li added that Hong Kong is one of the world’s most representative high-density urban transportation markets, where the taxi sector places a strong premium on operating efficiency. Compared with conventional charging, U POWER’s battery-swapping model is therefore better suited to the Hong Kong market.
Property owners do not need to install more land-intensive charging facilities or invest in costly grid upgrades. For taxi operators and fleet managers, there is no need to worry about battery performance degradation or daily battery maintenance, nor about range limitations affecting driver recruitment. In addition, the battery-swapping model can be integrated with a battery banking system, making day-to-day operating costs more economical.
For these reasons, the company believes battery swapping will gain broader acceptance within Hong Kong’s taxi industry, and it will continue working alongside industry stakeholders to support the electrification transition of Hong Kong taxis.
Source : U POWER LIMITED Makes Major Breakthrough in Thailand’s Heavy-Duty Truck Battery-Swapping Market
The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business News.
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