4/23/2014

Currently

54°F

Cloudy
Humidity: 35%
Pressure: 29.89 in

Business

Oracle defends CEO's pay amid shareholder unrest

Oracle defends CEO's pay amid shareholder unrest
Oracle Corporation CEO Larry Ellison watches Emirates Team New Zealand and Oracle Team USA during the tenth race of the America's Cup sailing event Sunday, Sept. 15, 2013, in San Francisco. (AP Photo/Eric Risberg)
Show Caption
SAN FRANCISCO (AP) — Oracle is trying to ward off a shareholder rebellion against policies that have consistently made its billionaire co-founder, Larry Ellison, one of the best-paid CEOs in the world.

The business software maker staunchly defended Ellison's pay packages in a letter sent to shareholder activist CtW Investment Group in an effort to rally support before Oracle's annual meeting on Oct. 31.

The letter released in a Wednesday regulatory filing came in response to a scathing attack that CtW launched last week against the compensation that Ellison has been receiving for years.

Oracle Corp. awarded Ellison a pay package valued at $78.4 million in its last fiscal year, down from $96.2 million the previous year.

Ellison could have made more last year if he hadn't turned down a $1.2 million bonus.
Share:
Sales of new U.S. homes plunge 14.5 percent in March Sales of new U.S. homes plunge 14.5 percent in March