Seeking Alpha

Ellison to give up $500M payment from Oracle's Pillar acquisition

Oracle (ORCL) CEO Larry Ellison will forgo a potential payout of $500M in order to settle accusations of conflicts of interest in the company's 2011 purchase of Pillar Data Systems, a data-storage firm that Ellison controlled.

Oracle originally agreed to pay for the acquisition based on Pillar's performance through 2014 but none up front. Ellison was to receive the first $562M of any payment connected to the deal, but he will now return 95% of any money he gets back to Oracle.

The settlement comes after lawsuits from two shareholders, and amid criticism over Ellison's large salary.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs