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]