Ellison hauls down sails at Apple

By PETER GRIFFIN and AGENCIES

Larry Ellison's campaign to wrest the America's Cup from Team New Zealand - and growing demands on his time from slumping Oracle - has led the billionaire software tycoon to resign from the board of Apple Computer.

The chief executive and chairman of Oracle will spend much of his time over the coming months in the midst of America's Cup action, a world away from the boardroom of California-based Apple.

During Ellison's five years as a director of Apple he attended less than 75 per cent of board meetings each year, the lowest attendance rate of all the Apple directors.

Ellison said that attendance record was unlikely to improve as the America's Cup kicked off. The backer of the Oracle BMW Racing team syndicate has taken a hands-on approach to his sponsorship and intends to helm the syndicate's boats during the Louis Vuitton Cup challenger series.

"My schedule does not currently allow me to attend enough of the formal board meetings to warrant a role as a director," Ellison said.

Analysts attributed Ellison's resignation to investors' demands for more vigilant directors, following the spate of corporate governance scandals that have rocked Wall St. Before that, his irregular attendance at Apple meetings was not an issue.

Ellison is due in Auckland soon for the start of the racing season on October 1. He is also expected to address the company's November 10-14 annual geek-fest, Oracle World, from the team's Auckland headquarters.

Ellison joined Apple's board in 1997. With an estimated fortune of US$15 billion ($31.8 billion), he did not receive cash for serving on Apple's board. Apple began paying its directors with stock options in 1997.

Ellison held 70,000 Apple stock options, according to the company's most recent SEC disclosures.

nzherald.co.nz/americascup