Oracle's Larry Ellison, Safra Catz and Mark Hurd all took a 98% pay cut this year
Noah Berger/Reuters, Robert Galbraith/Reuters, and Justin Sullivan/Getty
- Oracle executives Larry Ellison, Safra Catz and Mark Hurd saw their pay drop by 98%, according to an proxy statement ahead of the database giant's annual shareholder meeting.
- Oracle said the three executives got no bonuses and equity awards which tied to the tech giant's financial performance.
- But they still got substantial pay from earlier grants and other forms of compensation.
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Oracle's Larry Ellison, Safra Catz and CEO Mark Hurd each saw a whopping drop in pay this year - though they'll likely remain among tech's richest and highest paid execs.
Oracle top executives saw their total compensation slashed by 98% after they failed to earn bonuses tied to the tech giant's financial goals, the company said Friday in a proxy statement ahead of its annual shareholder meeting. Oracle said Ellison, the company's founder and chief technology officer, and co-CEOs Catz and Hurd, got no bonuses and equity awards in fiscal year 2019, the tech giant said in the filing.
It was the second year in a row that Oracle had highlighted the compensation drops for the three executives who are still get paid handsomely through stocks and options from grants from earlier compensation plans.
Ellison, who is the seventh richest person in the world with a net worth of $62.5 billion according to Forbes, had a base salary of $1, according to the filing. Catz and Hurd each had a salary of $950,000. Each also received other forms of compensation related to their personal security and the use of company aircraft.
All told, Ellison's total compensation for the 2019 fiscal year was $1,662,828, Catz's was $965,981, and Hurd's was $2,481,646. A big part of the discrepancy is that while Oracle pays for certain security measures for Ellison and Hurd, the company says in the filing that Catz pays for the security of her own residence.
Oracle noted in the filing that while Ellison, Catz and Hurd were entitled to performance-based stock options based on "the attainment of rigorous stock price, market capitalization and operational performance goals over a five-year performance period." The three received compensation based on this system in fiscal 2018, but none were granted in 2019, accounting for that 98% dip.
"We believe the fiscal 2019 compensation of Mr. Ellison, Ms. Catz and Mr. Hurd addresses the feedback received from our stockholders because pay is aligned with the long-term interests of our stockholders," the filing said.
Oracle shares are up about 14% year-to-date, closing at $54.09 on Friday. But the stock has shed about 10% in the last six months.
Oracle remains a dominant player in database and enterprise software. But it is struggling for a bigger position in the fast growing cloud market, where it has been outpaced by Amazon, Microsoft and Google.
Got a tip about Oracle or another tech company? Contact this reporter via email at email@example.com, message him on Twitter @benpimentel. You can also contact Business Insider securely via SecureDrop.
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