Aaron Ricadela San Francisco
Oracle chief executive Larry Ellison’s pay package declined 18 percent to $78.4 million (R776m) for financial 2013 after he gave up an annual bonus and the company missed some of its profit targets.
Ellison, worth $41.8 billion and ranking eighth on the Bloomberg Billionaires Index, was the highest-paid chief executive in the US this year.
Oracle issued a profit forecast for its second quarter last week that fell short of most analysts’ projections, as the largest maker of corporate databases faces more competition in business software and stagnating technology spend.
While Ellison has been acquiring companies and investing in technology to retake market share, the efforts are taking longer to boost sales.
Ellison received $96.2m in compensation in financial 2012, according to a filing with the US Securities and Exchange Commission. His target bonus for the 2013 financial year, which ended in May, fell to $1.17m from $3.92m, while stock-based compensation shrank 15 percent to $76.9m. Ellison, along with co-presidents Mark Hurd and Safra Catz, declined an executive bonus plan.
With a base salary of $1, Ellison’s pay is performance based. He owns 24 percent of Oracle, which has a market value of $157.7bn. Oracle shares rose 29 percent in the year to May. – Bloomberg