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Oracle CEO Ellison Cuts Salary To $1 Per YearOracle CEO Ellison Cuts Salary To $1 Per Year
In a move that's wise as well as partly symbolic, Oracle CEO Larry Ellison is cutting his annual salary from $1,000,000 to $1. It's wise because while the company certainly had a good year, the global economic downturn has been very difficult for many Oracle customers and shareholders. And it's partly symbolic because Ellison's total 2008 Oracle compensation was $557 million.
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In a move that's wise as well as partly symbolic, Oracle CEO Larry Ellison is cutting his annual salary from $1,000,000 to $1. It's wise because while the company certainly had a good year, the global economic downturn has been very difficult for many Oracle customers and shareholders. And it's partly symbolic because Ellison's total 2008 Oracle compensation was $557 million.From a Reuters report:
"The compensation committee recognizes that Mr. Ellison has a significant equity interest in Oracle, but believes he should still receive annual compensation because Mr. Ellison plays an active and vital role in our operations, strategy and growth. Nevertheless, during fiscal 2010, Mr. Ellison agreed to decrease his annual salary to $1," the company said in a filing
In a recent Global CIO post, we noted that Ellison's 2008 total compensation of $557 million was driven by his exercising options on 36 million shares of Oracle stock for $543 million. His total 2008 compensation made him the second-highest paid CEO in the U.S. last year, after he topped the best-paid CEO list in 2007 with $193 million in total compensation.
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