Sun, Sep 22, 2013 - Page 13 News List

Oracle CEO declines bonus, salary decreases 18 percent

AP, REDWOOD CITY, California

The value of Oracle Corp founder and CEO Larry Ellison’s pay package dropped 18 percent this year to US$78.4 million, after the business software company missed its internal financial targets and he declined his annual cash bonus.

That is according to a securities filing made on Friday.

Ellison, 69, is one of the highest-paid executives in the US. Forbes magazine ranks him as the US’ third-richest person, with personal wealth of US$41 billion.

The biggest chunk of compensation for the year, which ran through May, came in the form of stock options, valued at US$76.9 million when they were issued.

Ellison also received about US$1.5 million worth of benefits, mostly for security. His annual salary is US$1.

INSUFFICIENT GROWTH

He voluntarily declined a cash bonus that would have come to about US$1.2 million, given “growth that did not meet Oracle’s internal expectations,” the company said.

Chief financial officer and president Safra Catz’s compensation package decreased 16 percent to US$43.6 million, as did president Mark Hurd’s pay.

REVENUE UNCHANGED

Catz and Hurd also voluntarily turned down a cash bonus that would have come to US$717,000 apiece.

In the last fiscal year, revenue was nearly unchanged at US$37.2 billion, while net income grew 9.5 percent to US$10.9 billion.

The stock price rose 28 percent over the period to US$33.78.

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