Oracle CEO takes a $999,999 pay cut
By Ria Sharma

Oracle is the second largest software products company in the world.  Oracle India is an integral pillar of the company with more than $2.5 billion invested in Indian operations since 2001. Oracle founder and CEO Larry Ellison, who is the fourth richest person in the world, has just announced that he would be reducing his salary to a token $1 for next year.

Oracle first teamed up with TCS in 1987 to sell their database products in India. By 1993,  Oracle India Pvt Ltd had been formed as a wholly owned subsidiary of Oracle Corp, USA. Today, Oracle India is involved in developing every key product and its Global Support Centres assist clients in most countries.  Oracle India provides many specialists to the Global Consulting Division. In India, the Oracle Education Centers are located in Bangalore, Chennai, Hyderabad, New Delhi, Kolkata and Mumbai. According to Oracle India,  it has 6000 technology and over 600 applications customers in India

But the recession has hit Oracle as well.  The 20 thousand plus employees in India have been asked to tighten their belts.  Business Standard reported in January that “payment of its employees in India have been linked with the productive hours they spend in the company. This has resulted in salary cuts, ranging between 10 and 50 per cent across the board.”.  Travel and food budgets are monitored more closely.

Now, All Things Digital is reporting that Oracle founder and CEO Larry Ellison is taking a $999,999 pay cut

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Oracle CEO Larry Ellison is taking a $999,999 pay cut. According to a company filing with the Securities and Exchange Commission, Ellison will receive a base salary of $1 for fiscal 2010, down from the $1 million he collected in fiscal 2009.

A wise gesture from Ellison, who took a bit of flak at Oracle’s annual meeting last October after he made $543.8 million by exercising 36 million stock options. But still, a gesture only. Ellison is the fourth wealthiest person in the world, according to Forbes. He is also Oracle’s largest shareholder, with 23.4 percent of stock outstanding, as of July 21. That stake is valued at more than $25 billion today.
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