Larry Ellison's pay package worth $US70 million, down 17 per cent from 2009
- — 09 September, 2010 01:52
Oracle CEO Larry Ellison received compensation in fiscal 2010 valued at $US70.1 million, compared to $84.5 million in 2009, according to documents filed with the U.S. Securities and Exchange Commission.
The company, meanwhile, grew revenue and profits by 15 per cent and 10 per cent, respectively, in its 2010 fiscal year, which ended May 31. Revenue came in at $US26.8 billion, up from $23.3 billion in 2009. Net income hit $6.1 billion, up from $5.6 billion in the prior year.
The bulk of Ellison's 2010 pay package came in the form of option awards, which were valued at $US61.9 million at the time they were granted (down 21 per cent from $78.4 million in 2009).
His pay package also includes a $US250,001 salary, which is a fraction of the $1 million salary he received in 2009. During fiscal 2010, Ellison agreed to decrease his annual salary to $1, the company noted in its proxy statement.
Ellison received a cash bonus of $US6.5 million, up considerably (80 per cent) from the $3.6 million bonus he netted a year earlier. His other compensation and perquisites totaled $1.5 million, which is attributed to security-related costs and expenses for Ellison's residence.
Yesterday Oracle's stock price climbed on news that former HP CEO Mark Hurd is joining the company. (See also: Oracle to reward Hurd handsomely once legal clouds clear)
Ellison's total pay is calculated using data supplied in a proxy statement filed with the SEC on 7 September. The following figures are taken from the summary compensation table: salary, option awards, non-equity incentive place compensation (bonus), and all other compensation. The estimated value of stock options represents the aggregate grant date fair value of option awards granted during the relevant fiscal years.
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