Won't somebody think of the Oracle execs? No pay rises, bonuses, equity awards for top brass until 2022 at earliest
(2020/09/21)
- Reference: 1600708385
- News link: https://www.theregister.co.uk/2020/09/21/oracles_sec_filing_no_bonuses/
- Source link:
With the economy in uncharted waters as a result of a global pandemic, and businesses and homes under the spectre of another virus-related lockdown, spare a thought for those less fortunate in our society. Yes, Oracle executives.
This year the poor little things will somehow have to get by without equity awards and marginal to non-existent pay rises.
Worst hit was CEO Safra Catz, who will see no increase in her salary, no bonus, no new equity grant and no performance-based equity vesting. Somehow the American billionaire banker will just have to make do with her meagre $950,000 salary, plus a trifling $14,055 in other compensation, according to a [1]Securities Exchange Commission filing from the globally dominant database and application company.
Oracle CTO and founder Lawrence "Larry" Ellison has learned over the years to manage on his $1 annual salary – a figure which this year was topped up by $1,716,114 in "other compensation" and may be offset by the fact he got $103m in option awards and $3.6m in a non-equity incentive plan in 2018.
By way of explanation, the Oracle Compensation Committee said: "Mr Ellison, as Oracle's Founder who has guided the company for over 40 years, is invaluable." So invaluable, it seems, that they manage to put a value on his contribution every year.
Incidentally, "other compensation" for Ellison is largely made up of "security-related costs and expenses of $1.7m", although quite why a man of his inestimable charm and popularity should need security is anyone's guess.
Former co-CEO Mark Hurd, [2]who died in October last year , got a $356,653 salary and $370,791 in other compensation.
As much as Oracle may attract criticism, lack of bonuses and additional stock options were not down to performance as the [3]company's financials have been relatively good given the economic quagmire. The absence of equity awards is due to a five-year plan, which ends in 2022 at the earliest. ®
Get our [4]Tech Resources
[1] https://www.sec.gov/Archives/edgar/data/1341439/000119312520249194/d78987ddef14a.htm#altoc78987_23
[2] https://www.theregister.com/2019/10/18/mark_hurd_obituary/
[3] https://www.theregister.com/2020/09/11/oracle_q1_fy21/
[4] https://whitepapers.theregister.com/
This year the poor little things will somehow have to get by without equity awards and marginal to non-existent pay rises.
Worst hit was CEO Safra Catz, who will see no increase in her salary, no bonus, no new equity grant and no performance-based equity vesting. Somehow the American billionaire banker will just have to make do with her meagre $950,000 salary, plus a trifling $14,055 in other compensation, according to a [1]Securities Exchange Commission filing from the globally dominant database and application company.
Oracle CTO and founder Lawrence "Larry" Ellison has learned over the years to manage on his $1 annual salary – a figure which this year was topped up by $1,716,114 in "other compensation" and may be offset by the fact he got $103m in option awards and $3.6m in a non-equity incentive plan in 2018.
By way of explanation, the Oracle Compensation Committee said: "Mr Ellison, as Oracle's Founder who has guided the company for over 40 years, is invaluable." So invaluable, it seems, that they manage to put a value on his contribution every year.
Incidentally, "other compensation" for Ellison is largely made up of "security-related costs and expenses of $1.7m", although quite why a man of his inestimable charm and popularity should need security is anyone's guess.
Former co-CEO Mark Hurd, [2]who died in October last year , got a $356,653 salary and $370,791 in other compensation.
As much as Oracle may attract criticism, lack of bonuses and additional stock options were not down to performance as the [3]company's financials have been relatively good given the economic quagmire. The absence of equity awards is due to a five-year plan, which ends in 2022 at the earliest. ®
Get our [4]Tech Resources
[1] https://www.sec.gov/Archives/edgar/data/1341439/000119312520249194/d78987ddef14a.htm#altoc78987_23
[2] https://www.theregister.com/2019/10/18/mark_hurd_obituary/
[3] https://www.theregister.com/2020/09/11/oracle_q1_fy21/
[4] https://whitepapers.theregister.com/