Oracle’s Ellison to get $1 salary in 2010
The world’s fourth richest man has agreed to a massive drop in salary for Oracle’s 2010 financial year.
Larry Ellison, the man at Oracle's helm, has agreed to take a massive pay cut and will only receive a $1 salary for the company's 2010 fiscal year.
News of the wage packet change was communicated last week in a regulatory filing. Although it's a mammoth pay cut for Ellison, who for the past few years has received $1 million, he still stands to enjoy considerable financial gain through stock options and bonus payments.
Ellison holds almost a quarter (23.4 per cent) of Oracle's total stock, equating to just under 1.18 billion shares, according to the filing.
"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," the Securities and Exchange Commission filing stated.
A token $1 salary is also received by fellow leading industry figures Apple's Steve Jobs and Google founders Larry Page and Sergey Brin.
At the end of last week, Oracle's proposed $7.4 billion acquisition of Sun Microsystems was given the green lightby regulators.
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