Ellison receives first pay since 2000

Alorie Gilbert CNET News

Published: 16 Jul 2003 11:15 BST

Oracle has granted chief executive Larry Ellison 900,000 stock options; the first major compensation he has received from the company since 2000.

Oracle disclosed the options it granted to Ellison and a number of other senior executives on Tuesday in regulatory filings. Ellison's options are priced at $12.60 (£7.86), according to the filing.

Ellison has forgone a salary and bonuses for the past three years, Oracle spokeswoman Jennifer Glass said. He received 40 million Oracle options from his previous grant in 2000, she said. He became eligible for a salary and bonus in June, but the company has yet to announce its decision on that, she added.

Ellison owns 1.39 billion shares of the Californian company, or about 25.5 percent, according to a proxy filed in September. His stake is worth $17.5bn at current prices.

The company also granted 700,000 options each to executive vice president Safra Catz and chief financial officer Jeff Henley. Glass added that the grants are all part of the company's normal annual-compensation process.

Ellison said recently that his company would not follow Microsoft's lead in doing away with stock options as a compensation tool. Oracle's shares have fallen more from their boom-time highs than Microsoft's have, leaving Oracle's stock price with a greater potential for gain.

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