Oracle’s Mark Hurd Named Highest Paid Tech Executive
A new study of executive pay in tech released by CNN shows Oracle co-president, Mark Hurd took home a base salary this year of nearly $700,000 in addition to a $7.3 million cash bonus as part of an overall pay package valued at $78.4 million for the company’s latest fiscal year, which ended May 31.
$70 Million consists of stock options that he won’t have immediate access to. That means Hurd may never see the full amount, or he may get far more, depending on fluctuations in Oracle’s stock price.
Hurd can add that to the $12.2 Million he got as a severance package from HP. It was originally supposed to be worth as much as $53 million, but in a settlement with HP over his decision to take the job at Oracle Hurd opted to drop all of his equity grants.
Oracle awarded Hurd a $2 million “extraordinary supplemental cash bonus.” In a regulatory filing, Oracle offered up this gem:
“Oracle does not routinely approve such bonuses but determined that this bonus was appropriate in recognition of the significant contributions made by Mr. Hurd, including, among others, his settlement of the litigation brought by Hewlett-Packard Company against him, which would have been a significant distraction to Oracle’s management.”