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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