Oracle Corporation Drops Larry Ellison’s Pay Package By 18%

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Oracle Corporation has dropped Larry Ellison’s pay package by 18% in fiscal 2013 to $78.4 million.  This is because Oracle missed their internal financial targets and he declined his annual cash bonus of $1.2 million.  Ellison is one of the highest-paid executives in the country and his personal wealth is pegged at $41 billion.

Oracle chief financial officer and president Safra Catz saw her package decrease 16% to $43.6 million.  Oracle president Mark Hurd saw his pay decrease as well.  Catz and Hurd turned town their cash bonuses voluntarily, which would have amounted to $717,000 each.

Oracle’s revenue hit around $37.2 billion in the last fiscal year and net income grew 9.5% to $10.9 billion.  The company’s stock price grew about 28% to $33.78.

[Source: Huffington Post]

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