Oracle is one of the most successful computing companies in the world, with their CEO Larry Ellison (News - Alert) having already been considered one of the wealthiest people in the world. Now, a recent statement by Oracleshows that it appears the company is rewarding their CEO for another great run with a big time raise. According to a statement from the company, Ellison saw his annual salary rise to $96.2 million last year.
The number that Ellison earned was a significant bump in pay over the previous year where he earned “just” $77.6 million. Most of the reason that Ellison’s pay was raised so steeply is that his income is tied into company stock options.
Because Oracle had a very good year, Ellison had a very good year as well. The company did adjust how much of a bonus Ellison received last year, in part because of just how much he received in regular income. In 2010, Oracle (News - Alert) paid Ellison a performance based bonus of just $3.9 million, down from $13.3 million a year ago.
Oracle saw some pretty decent growth last year, with a rise in net income profits of 17 percent. The company’s revenues were not nearly as impressive, with just a 4-percent bump over the previous year.
Oracle also says that their compensation committee, who is in charge of controlling just how much their company big wigs make, recognizes that Ellison, already "has a significant equity interest in Oracle, but believes he should still be eligible for an annual compensation package because of his active and vital role in our operations, strategy and growth."
Because of his massive stock options in the company, Ellison’s actual salary is $1 this year, just as it was last year. Teamed up with those generous stock dividends, Forbes magazine has estimated that Ellison’s total worth is $41 billion.
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Edited by Allison Boccamazzo