Cerner's president and CEO, David Feinberg, MD, as well as its executive vice president and chief technology officer, Jerome Labat, have agreed not to leave the company in the year following its acquisition by Oracle, according to a Jan. 19 filing with the Securities and Exchange Commission.
On Dec. 20, Cerner and Oracle jointly announced an agreement for Oracle to acquire Cerner in a $28 billion deal. The transaction is expected to close in 2022, subject to certain regulatory approvals and other closing conditions.
Dr. Feinberg and Mr. Labat waived any right to voluntarily terminate their employment during the 12 months following the closing of the deal, according to the SEC filing. If they are terminated after the deal's closing, Dr. Feinberg and Mr. Labat are entitled to new severance packages.