Ellison's salary drops to $1
Oracle founder Larry Ellison agrees to receive a symbolic salary for fiscal 2010. But don't worry, he won't exactly starve.
Oracle CEO Larry Ellison will receive a base salary of $1 for fiscal 2010, according to a regulatory document filed Friday.
That's a decrease of $999,999 from last year. But Ellison won't exactly be starving. He is the world's fourth wealthiest person, according to Forbes.
And according to Oracle's filing with the Securities and Exchange Commission, Ellison's base pay of $1 million in fiscal 2009 only accounted for 1.2 percent of his total compensation anyway. Ninety-seven percent was in the form of stock.
Still, Ellison's new $1 base pay puts him on the salary pedestal with the likes of Apple CEO Steve Jobs and Google co-founders Sergey Brin and Larry Page.
"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," Oracle said in the filing.
Oracle's fiscal 2010 began June 1.
Ellison, who is 64, founded Oracle in 1977. According to the SEC filing, he owns 1.18 billion shares of Oracle, or 23.4 percent of the company's total stock.