Oracle’s Ellison Accepts $1 Salary for 2010
August 22, 2009 by Mark Ellis
Filed under Business
Oracle CEO Larry Ellison has decided decrease his annual salary to $1 for the year 2010, according to Oracle’s filing with the Securities and Exchange Commission. The move will shave exactly $999,999 off of Ellison’s income compared to this year, but fortunately for Ellison, the world’s fourth-wealthiest man, his base salary only accounts for about 1.2 percent of his total earnings.
Other massively wealthy executives have paved the way in the field of $1 base salary reductions, such as Apple CEO Steve Jobs and Google founders Larry Page and Sergey Brin. According to Oracle’s filing with the SEC, Ellison’s company wants to provide Ellison full compensation for the “active and vital role” he plays.
Most of Ellison’s wealth comes from the 1.18 billion shares of Oracle that he owns, 23.4 percent of the company’s total shares, and the compensation that he receives in stocks rather than in cash. Ellison founded Oracle in 1977 and the software company has since grown into the third-largest component of the software market, behind Microsoft and IBM.
Image: Flickr
