$999,999 pay cut for Oracle CEO
Published: 24 August 2009 08:22 GMT
Oracle CEO Larry Ellison will receive a base salary of $1 for fiscal 2010, according to a regulatory document filed on Friday.
That's a decrease of $999,999 from last year. But Ellison won't exactly be starving. He is the world's fourth wealthiest person, according to Forbes.
And according to Oracle's filing with the Securities and Exchange Commission, Ellison's base pay of $1m in fiscal 2009 only accounted for 1.2 per cent of his total compensation anyway. Ninety-seven per cent was in the form of stock.
Still, Ellison's new $1 base pay puts him on the salary pedestal with the likes of Apple CEO Steve Jobs and Google co-founders Sergey Brin and Larry Page.
"The compensation committee recognises that Mr Ellison has a significant equity interest in Oracle, but believes he should still receive annual compensation because Mr Ellison plays an active and vital role in our operations, strategy and growth. Nevertheless, during fiscal 2010, Mr Ellison agreed to decrease his annual salary to $1," Oracle said in the filing.
Oracle's fiscal 2010 began on 1 June.
Ellison founded Oracle in 1977. According to the SEC filing, he owns 1.18 billion shares of Oracle, or 23.4 per cent of the company's total stock.
Original article: Ellison's salary drops to $1 from CNET News.com
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