Oracle CEO Larry Ellison may have won cheers for his America Cup sailing-team’s stunning victory Wednesday, but an investment group is seriously riled over the pay he gets from the Redwood City software giant.
In a letter Wednesday to Oracle board member Bruce Chizen, who heads the company’s compensation committee, CtW Investment Group demanded a change to what it called Oracle’s “top-heavy compensation culture.”
Otherwise, the group — which owns Oracle stock and is the investment arm for the labor federation Change to Win — threatened to vote against the company’s pay plan and compensation committee members at Oracle’s Oct. 31 annual meeting.
Noting that Ellison’s received $78.4 million in compensation this year, the letter said, “Mr. Ellison’s pay far outstrips that of the highest paid executives at the companies Oracle has identified as peers.”
Although some investors have complained in the past that Oracle’s executive pay is too high, the letter added, the company “has stubbornly refused to take shareholder criticisms to heart.”
Oracle spokeswoman Deborah Hellinger declined comment.
Photo by Patrick Tehan, Mercury News