The poor are getting poorer and the rich richer – same old, same old. Execs at Oracle more than others.
According to a report by Glass Lewis, Oracle CEO Larry Ellison and Mark “I did not have sex with that woman” Hurd, came up trumps as the best paid in the corporate world.
Ellison raked in $61 million in annual compensation last year, placing him among the report’s top earners. Oracle President Safra Catz meanwhile ranked among the top non-CEO earners, with roughly $42.1 million.
Hurd is set to receive an “exorbitant” pay package this year – it pays to get sacked sometimes. [You’re fired – ed]
“Mr. Hurd has many reasons to be content,” Glass Lewis said. According to the report he’s standing to benefit from a generous separation agreement with HP while receiving pay from Oracle that includes a maximum bonus of $10 million and a grant of 10 million stock options — or “more than what Mr. Ellison himself received in 2009 and worth approximately $76.6 million, an amount Oracle deemed necessary to entice Mr. Hurd, then jobless, to join its ranks.”
Oracle executives have had the highest-paid executive teams every year since 2007: “It is customary for Oracle to grant its top executives massive amounts of stock options with no performance requirements.”
However, Yahoo hasn’t underpaid its chief exec Carol Bartz, who was hired in January last year. She is the best-paid chief at a company in the report’s “Overpaid 25,” which lists companies that “have failed to effectively link executive pay with company performance.”
Last month it was reported a further three execs were jumping the Yahoo ship with one of the reasons thought to be because of Bartz. “Yahoo CEO Carol Bartz’s penchant for shooting her mouth off saying colourful things is coming back to bite her,” a report said at the time.
Nonetheless Bartz received roughly $39 million in 2009, about $25 million of which was received as stock options.