Oracle CEO Larry Ellison will receive a base salary of US$1 for fiscal 2010, according to a regulatory document filed Friday.
That's a decrease of US$999,999 from last year. But Ellison will not exactly be starving. He is the world's fourth wealthiest person, according to Forbes.
And according to Oracle's filing with the Securities and Exchange Commission, Ellison's base pay of US$1 million in fiscal 2009 only accounted for 1.2 percent of his total compensation anyway. Ninety-seven percent was in the form of stock.
Still, Ellison's new US$1 base pay puts him on the salary pedestal with the likes of Apple CEO Steve Jobs and Google co-founders Sergey Brin and Larry Page.
"The compensation committee recognizes that Mr. Ellison has a significant equity interest in Oracle, but believes he should still receive annual compensation because Mr. Ellison plays an active and vital role in our operations, strategy and growth. Nevertheless, during fiscal 2010, Mr. Ellison agreed to decrease his annual salary to US$1," Oracle said in the filing.
Oracle's fiscal 2010 began Jun. 1.
Ellison, who is 64, founded Oracle in 1977. According to the SEC filing, he owns 1.18 billion shares of Oracle, or 23.4 percent of the company's total stock.
This article was first published as a blog post on CNET News.
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