Oracle CEO declines bonus, salary decreases 18 percent

AP, REDWOOD CITY, California

Sun, Sep 22, 2013 - Page 13

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.