- 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.
Ellison to give up $500M payment from Oracle's Pillar acquisition
Oct 4 2013, 04:31 ET