California Is Driving Out Its Crown Jewels

Allen Matkins
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Allen Matkins

Last Friday, Oracle Corporation disclosed in a Form 10-Q that it was moving its principal executive offices to Austin, Texas.  The disclosure appeared under "Item 5 - Other Information":

"Oracle is implementing a more flexible employee work location policy and has changed its Corporate Headquarters from Redwood City, California to Austin, Texas. We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work. Depending on their role, this means that many of our employees can choose their office location as well as continue to work from home part time or all of the time. In addition, we will continue to support major hubs for Oracle around the world, including those in the United States such as Redwood City, Austin, Santa Monica, Seattle, Denver, Orlando and Burlington, among others, and we expect to add other locations over time. By implementing a more modern approach to work, we expect to further improve our employees’ quality of life and quality of output."

Earlier in the month, Hewlett Packard Enterprises announced in a press release (which was filed as an exhibit to a Form 8-K) that it was also moving to the Lone Star state:

"HPE has made the decision to relocate its headquarters from San Jose, California, to Houston, Texas. HPE’s largest U.S. employment hub, Houston is an attractive market to recruit and retain future diverse talent, and is where the company is currently constructing a state-of-the-art new campus. The Bay Area will continue to be a strategic hub for HPE innovation, and the company will consolidate a number of sites in the Bay Area to its San Jose campus. No layoffs are associated with this move."

In a further blow to California, the shareholders of Cisco Systems, Inc. voted last week to approve the reincorporation of the company from California to Delaware. 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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