Oracle's Larry Ellison declines bonus, takes $16m haircut
But don't lose too much sleep for Larry - he's still the fifth richest person on the planet.
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Oracle CEO Larry Ellison has foregone his annual bonus, along with other executives at the database software company.
Mr Ellison voluntarily gave up his $US1.2 million cash incentive after the company internal financial missed targets.
The amount is chump change. The Oracle boss draws a $US1 salary, earning the bulk of his remuneration through stock options - but with said options declining 18% this year, he's looking at total compensation for 2013 of around $78.4 million.
That's a decent whack, but $US16.2 million down on the $US94.6 million that made him the top-earning CEO in a survey this year of 300 large US companies by consulting firm Hay Group and The Wall Street Journal.
Not that Mr Ellison is hurting.
The varsity dropout, Oracle cofounder and Salesforce.com seed investor is worth $US41 billion, according to Forbes, putting him at number 3 on the magazine's billionaire ranings - making him the fifth richest person on the planet.
Most of Mr Ellison's wealth comes from his 25% stake in Oracle, but he has a range of other investments in areas such as biotech.
And in June last year he bought a private Hawaiian island for $636 million. Some see the Oracle boss lining it up as the venue for the next America's Cup. At least, if the defence in San Francisco is successful.
Giving up this bonus capped a week that saw Mr Ellison's America's Cup team mount a comeback, but his house flag-bombed by four self-styled "Kiwi ninjas" (see video below). One of the assailants was later revealed to be lawyer Cathy Odgers, aka Cactus Kate.
NBR staff
Sun, 22 Sep 2013
Sun, 22 Sep 2013
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Oracle's Larry Ellison declines bonus, takes $16m haircut
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