Larry Ellison, Oracle's chairman and chief executive, saw his annual salary of $999,987 remain "effectively unchanged" this year compared with last, but suffered a 71 per cent drop in his performance related bonus.
This year, according to the database supplier's proxy Def 14A statement that was filed with the Securities and Exchange Commission today, Ellison's bonus was, as a result, a mere $530,000 compared with $1.9 million in 1997.
The same applied to Ray Lane, Oracle's president and chief operating officer. His salary rose slightly to $974,991 from $883,334, but his bonus also dropped to a mere $206,250 from $1.4 million last year.
The shortfall would seem to imply that Oracle's financial performance had tapered off compared with the previous year. The proxy statement explained: "The decrease in Mr Ellison's bonus reflects the application of the fiscal year 1998 bonus plan as adopted by the stockholders of the company on October 13 1997, to the company's financial results for fiscal year 1998."
But Ellison's other companies continued to profit from their relationship with Oracle. NCube, which manufactures massively parallel computers and in which Ellison has a controlling stake, sold approximately $13,000 worth of computer equipment, maintenance and related services to Oracle during fiscal 1998. Since the end of the year, NCube has also picked up another order from Oracle worth $565,000.
Another firm in which Ellison has a controlling stake, MindQ LLC, has recently signed a deal allowing Oracle to resell a range of its existing software training courses and additional ones that will be developed for the database supplier at cost.
Finally, during the fiscal year, Oracle leased two aircraft from Tentacle and from Wing and a Prayer (formerly Joubini Aviation), both of which are owned by Ellison, for a total of $472,980. Oracle is also in the process of negotiating an indemnity agreement worth $250 million with Ellison in case Joubini's aviation insurance policy does not provide full coverage.
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