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Oracle CEO paid too much, shareholders vote

But the vote is non-binding, so Oracle's chief executive Larry Ellison can probably keep up the maintenance on that Hawaiian island he recently bought.
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Written by Zack Whittaker, Writer-editor on
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Image: CNET

Oracle's chief executive Larry Ellison is paid too much, according to a majority of shareholders, who on Thursday cast their ballots in a non-binding vote.

The vote, which does not require the company to take any action, mirrors a vote cast last year which came to the same conclusion. But it does highlight a concern among shareholders who are concerned about high executive pay, compared to the company's less than exemplary financial results.

Oracle's fiscal third quarter earnings missed Wall Street's revenue estimates, but performed well in earnings-per-share.

Ellison is the U.S.' third richest man, worth $41 billion, after Bill Gates and Warren Buffett, according to Forbes' recent list of America's wealthiest. Ellison currently owns about one-quarter of the company he leads.

And doesn't he know it.

This year alone, 69-year-old Ellison bought the Hawaiian island of Lanai for a reported but unconfirmed $500 million, which comes with a "complementary" Four Seasons Hotel. Not content with that alone, he also bought a luxury Hawaiian airliner for an undisclosed amount — because, why not?

He also participates in the America's Cup competition, that saw the software giant build a sail boat which ultimately led Ellison and his team to victory earlier this year.

That said, Ellison still has a philanthropic nature. He claimed to have pledged years ago to give away about 95 percent of his wealth to charity. That would still leave him with close to $2 billion, though, so not all is lost. 

(via Reuters)

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