Larry Ellison Is Getting Pay Heat from Oracle Investors
Oracle (NASDAQ:ORCL) Chief Executive Officer Larry Ellison may face some angry shareholders at the company’s annual meeting on October 31, as many are discontent over the high pay he continues to receive while the company has performed poorly over the past few quarters.
According to a Wall Street Journal report, investor CtW Investment Group has written a letter to the chairman of Oracle’s board’s compensation committee, saying that the group would vote against the company’s compensation practices and could even seek to unseat directors if Oracle doesn’t change its compensation policies and bring in a new director to supervise the company’s pay practices.
Ellison made $76.9 million in the fiscal year that ended in May. Oracle’s stock fell 9 percent on June 21 after the company reported flat earnings for a second straight quarter, which led to investor discontent over Ellison’s paycheck. Other investors that have criticized Ellison’s high pay include Vangard Group Inc. and Blackrock Inc. Oracle was unable to win investor support for its executive pay practices in 2012, and those opposing the practices are likely to increase pressure on the company over the matter this year.