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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