Rupert and Lachlan Murdoch saw their compensation packages cut at Fox Corp. in the fiscal year ending June 30, 2022.
Fox chairman Rupert Murdoch received $18.4 million in compensation last year. That’s down from $31.1 million a year ago. Likewise, Fox CEO and CEO Lachlan Murdoch received $21.7 million in compensation, up from $27.7 million a year ago.
The decrease was in part due to a decrease in compensation for the no-equity incentive plan for both Murdochs to $6.3 million from $10.5 million a year earlier. It also reflected changes in the value of pension plans and deferred compensation.
The pay packages were revealed at a bond presentation on Friday. The document also revealed that Lachlan Murdoch has extended his contract through 2021, keeping him in charge of the company until June 2026.
Other senior Fox executives, including CFO Steve Tomsic, Chief Legal and Policy Officer at Viet Dinh and COO John Nalen, have seen their pay decline year after year.
fox Corporation Includes Fox News Media, Fox Sports, as well as Fox Broadcast Network. Rupert Murdoch is also chairman of News Corp., which owns Wall Street Journal. The company will hold its annual shareholders meeting on November 3 at Fox Lot in Los Angeles.
In addition to shareholder voting on political lobbying disclosures and board member votes, Fox is also proposing to amend its certificate of incorporation to take advantage of a recent Delaware law that limits the personal liability of certain company executives.
“The Nominating and Corporate Governance Committee believes it is necessary to insulate directors and officers from the risk of financial ruin as a result of inadvertent misconduct,” the company said.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
