Oracle (Nasdaq: ORCL) Chief Executive Officer Larry Ellison’s pay package declined 18 percent to $78.4 million for fiscal 2013 after he gave up an annual bonus and the company missed some of its profit targets.

Oracle now has a major presence in the Research Triangle area following its acquisition of Morrisville-based Tekelec.

Ellison, 69, who is worth $41.8 billion and ranks eighth on the Bloomberg Billionaires Index, was the highest-paid CEO in the U.S. this year, according to data compiled by Bloomberg.

Oracle issued a profit forecast for the fiscal second quarter this past week that fell short of most analysts’ projections, as the largest maker of corporate databases faces more competition in business software and stagnating technology spending. While Ellison has been acquiring companies and investing in technology to retake market share, the efforts are taking longer to boost sales.

Ellison received $96.2 million in compensation in fiscal 2012, according to a filing with the U.S. Securities and Exchange Commission. His target bonus for fiscal 2013, which ended in May, fell to $1.17 million from $3.92 million, while stock-based compensation shrank 15 percent to $76.9 million.

He voluntarily declined the cash bonus, given “growth that did not meet Oracle’s internal expectations,” the company said.

Chief Financial Officer and President Safra Catz’s compensation package decreased 16 percent to $43.6 million, as did President Mark Hurd’s pay. Catz and Hurd also voluntarily turned down a cash bonus that would have come to $717,000 apiece.

With a base salary of $1, Ellison is rewarded via performance-based payouts. He owns 24 percent of Oracle, which has a market value of $157.7 billion.

Oracle shares rose 29 percent in the year to May 31.

Deborah Hellinger, a spokeswoman for Redwood City, California-based Oracle, declined to comment.

Ellison’s Oracle Team USA is trailing Emirates Team New Zealand in the America’s Cup yacht race competition under way in San Francisco. 

Ellison is one of the highest-paid executives in the country. Forbes magazine ranks him as America’s third-richest person with personal wealth of $41 billion.