Tuesday, September 25, 2012

Oracle Corporation (NASDAQ:ORCL) CEO’s Pay Goes up to 96 Million

Larry Ellison, the founder and CEO of Oracle Corporation (NASDAQ:ORCL) further increased his wealth, when his pay came up to 96.2 million last year. The jump comes to a whopping 24% from the previous year’s pay, which was $77.6 million. This fact strengthens his position as sixth-richest person in the world and the third-richest in the United States, behind Microsoft co-founder Bill Gates and investor Warren Buffett, head of Berkshire Hathaway.

A chunk of his money was from stock options priced at 90.7 million when they were granted in June 2011. The options, to purchase 7 million shares at $32.43 a share, are a win-win situation only if the stock trades above that amount. Although this seemed unlikely, Oracle stock actually shot up 21 cents to close at $32.47.

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However, Ellison’s performance-based bonus was slashed to $3.9 million, down from $13.3 a year back. Due to Oracle’s revenue for the year not coming up to its goals, other senior executives also had to undergo cuts. In May, the company’s net income amounted to $9.98 billion and revenue shot up by 4% to $37.12 billion.

For Safra A. Catz, its president and chief financial officer, and Mark Hurd, its president, compensation comes to $51.7 million and most of their pay was also in stock options. Ellison might be liable to receive compensation too, due to his contribution and profile in the company’s operations. His net worth according to Forbes is $41 billion.

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