Oracle's Larry Ellison compensation slashed amid investor pressure
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Version 0 of 1. Oracle's Larry Ellison, who recently announced plans to step down as chief executive, took home $67.3 million in compensation this year. Believe or not it that's a 15.5 per cent pay cut for Ellison, who usually ranks among the highest paid CEOs in America, compared to last year when he made $79.6 million, according to a regulatory filing. Ellison's pay package has been the subject of controversy in recent months with some investors arguing that he makes too much money despite Oracle's lacklustre results and growing competition in the cloud computing market. Last year, a majority of shareholders opposed his pay in a non-binding vote and Oracle is taking note. Yesterday, the company said it had made changes to its compensation plan for executives to align pay more closely with performance. Ellison’s performance-based stock award was slashed by 187,500 shares, or $7.28 million based on Oracle’s closing price yesterday, according to Bloomberg data. His stock option award for next year was also reduced by 750,000 shares. Last week, Oracle confirmed Ellison would give up his role as chief executive at the software giant to become executive chairman and chief technology officer. Safra Catz and Mark Hurd were appointed co-CEOs. |