Oracle Corp. (ORCL) Chief Executive Officer Larry Ellison’s pay package declined 18 percent to $78.4 million for fiscal 2013 after he gave up an annual bonus and the company missed some of its profit targets.
Ellison, 69, who is worth $41.8 billion and ranks eighth on the Bloomberg Billionaires Index, was the highest-paid CEO in the U.S. this year, according to data compiled by Bloomberg.
Oracle issued a profit forecast for the fiscal second quarter this past week that fell short of most analysts’ projections, as the largest maker of corporate databases faces more competition in business software and stagnating technology spending. While Ellison has been acquiring companies and investing in technology to retake market share, the efforts are taking longer to boost sales.
Ellison received $96.2 million in compensation in fiscal 2012, according to a filing with the U.S. Securities and Exchange Commission yesterday. His target bonus for fiscal 2013, which ended in May, fell to $1.17 million from $3.92 million, while stock-based compensation shrank 15 percent to $76.9 million. Ellison, along with co-presidents Mark Hurd and Safra Catz, also declined an executive bonus plan.
With a base salary of $1, Ellison is rewarded via performance-based payouts. He owns 24 percent of Oracle, which has a market value of $157.7 billion.
Oracle shares rose 29 percent in the year to May 31.
Deborah Hellinger, a spokeswoman for Redwood City, California-based Oracle, declined to comment.
Ellison’s Oracle Team USA is trailing Emirates Team New Zealand in the America’s Cup yacht race competition under way in San Francisco. While his crew won a race yesterday, the defending champions remain behind 8-3 in the best-of-17 series.
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