Original URL: http://www.theregister.co.uk/2008/08/28/ellison_salary_hike/
Larry Ellison gets huge pay rise
What else can you give California's richest man?
Posted in Financial News, 28th August 2008 14:29 GMT
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The richest boss in tech just got a little bit richer, and this time it's not his customers squeaking.
Oracle chief executive Larry Ellison, California's richest man, has been awarded a 38 per cent pay rise, taking his salary to an estimated $72m. The award makes Ellison the second-highest paid CEO of a US public company, coming in $1.7 mill behind Merrill Lynch's John Thain.
Ellison, who co-founded Oracle in 1977 and regularly tops Forbes' ranking of top-paid technology CEOs, reportedly asked a committee of Oracle's board members for the award. His net worth is $25bn.
His income growth outstrips that of his company for the year: Oracle reported a 29 per cent increase in net income and a 25 per cent jump in total revenue for its latest fiscal year, reported in June.
That largesse has reportedly [1] upset some of Oracle's shareholders, who now plan to propose they should have more say on compensation.
Ellison's pay rise comes on the heels of the decision to hike [2] licensing fees, and follows last year's disclosure that Oracle is charging some customers so much they are ripping [3] processors from their servers to avoid paying Oracle more than they have to. ®