Oracle's Ellison takes $1 salary
Larry Ellison, Oracle (NASDAQ:ORCL) CEO and founder, will take a base salary of $1 for fiscal year 2010, which started on June 1, 2009, according to a recent SEC filing. That's down from a $1 million base salary for each of the previous three years.
But the base salary is just a small part of Ellison's total compensation, which was $56,810,851 for the year ending on May 31, 2009.
That total compensation figure includes over $50 million in option awards. Ellison also earned a bonus related to profit growth as well as perks that included $1,479,072 of home security.
Ellison owns 1,178,771,324 shares, according to the filing, or 23.4 percent of the company. The other top executives own about 0.6 percent of the company.
Ellison's pay cut comes as other executives are also cutting back. EMC's CEO took a pay cut earlier this year, for example.
But Oracle's business is booming, so the cut comes at an unusual time.
Perhaps the pay cut is related to the mammoth acquisition of Sun, which was approved last week by the U.S. Department of Justice.