Rupert Murdoch’s Direct Pay To Grow 15% After News Corp Splits
He’ll receive a total of at least $28.3M from both entities in the fiscal year that ends June 2014, up from $24.6M planned from News Corp for fiscal 2013, according to a company filing at the SEC this morning. The bulk of Rupert Murdoch‘s pay will come from the entertainment entity, to be called 21st Century Fox, where he’ll be Chairman and CEO. The News Corp board’s compensation committee voted to give him at least $23.3M there, consisting of a $7.1M base salary, a $10.5M target bonus, and a $5.7M target long-term incentive opportunity. Meanwhile he’ll receive $5M from the publishing unit, referred to as “new News Corporation,” where he”ll be Executive Chairman. That package will include $1M base salary, $2M target bonus, and a $2M target long-term incentive opportunity. The committee says that the amounts are “competitive and appropriate given Mr. Murdoch’s responsibilities.” What’s more, most of the additional income is tied to company performance “which will further align Mr. Murdoch’s compensation with the interests of stockholders.” His total compensation likely will be higher than the amounts in the new targets: He made $30M in the fiscal year that ended last June after adding in $7.6M change in pension value and $384,611 in other compensation — mostly for his personal use of the company plane — according to the company’s most recent proxy statement.
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