Oracle to Pay Mark Hurd $950,000 a Year
9/08/2010 07:51:00 PM
kenmouse
, Posted in
Oracle Corp. said it will pay Mark Hurd, its new co-president, an annual base salary of $950,000 and be eligible for up to a $10 million bonus in the current fiscal year.The software company hired the former Hewlett-Packard Co. chief executive in recent days following his August departure from the computer giant in the wake of a probe that turned up violations of H-P's code-of-business conduct. Oracle CEO Larry Ellison came out as one of Hurd's biggest backers after his breakup with H-P.
The company has responded by suing to block the 53-year-old from joining Oracle, whose focus is business software but which has been increasingly moving into hardware, saying the move breaches an exit agreement with H-P and will lead to a transfer of its trade secrets to a competitor. Ellison called the suit "vindictive."
Oracle said in a filing Wednesday with the Securities and Exchange Commission that Hurd will also be granted a stock option to purchase 10 million shares soon after he begins his job and will be able to get options to buy 5 million more each year for the next five, so long as Hurd remains employed by Oracle.
Mr. Hurd will also stand for election to Oracle's board next month.
The compensation package from Oracle comes as Hurd could receive a potential $35 million severance from H-P as part of his departure. His total compensation at H-P last fiscal year was $30.3 million.
Meanwhile, Oracle disclosed Tuesday that Mr. Ellison's compensation fell 17% for the year ended May 31 to $70.1 million.
Oracle's shares closed at $24.27 Tuesday and didn't trade premarket. The stock rose 6% Tuesday on word of Mr. Hurd's hiring.
0 Response to "Oracle to Pay Mark Hurd $950,000 a Year"
Post a Comment
Leave Your Thoughts & We Will Discuss Together