Oracle to cut CEO's salary to $1
By siliconindia   |   Monday, 24 August 2009, 14:43 IST   |    12 Comments
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Oracle to cut CEO's salary to $1
Bangalore: Software giant Oracle has informed in a regulatory filing, to cut the salary of its Chief Executive Larry Ellison to $1 in fiscal 2010 as compared to $1 million in the previous year. But according to Forbes, he will still remain as the fourth richest person in the world. "The compensation committee recognizes that Ellison has a significant equity interest in Oracle, but believes he should still receive annual compensation because he plays an active and vital role in our operations, strategy and growth. Nevertheless, during fiscal 2010, Ellison agreed to decrease his annual salary to $1," said the company in a filing. The compensation packages of the CEO include a base salary, an annual cash bonus and stock options. In fiscal year 2009, the bonus and stock options comprised 97 percent of Ellison's overall compensation. According to the company, only 1.2 percent was his base salary and 1.8 percent was other benefits,. His new $1 base salary puts him with the likes of Apple CEO Steve Jobs and Google co-founders Sergey Brin and Larry Page, who also take home the same package. Larry Ellison, 64, had founded Oracle in 1977, and according to the SEC filing, he owns 1.18 billion shares of Oracle, which is 23.4 percent of the company's total stock.

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