More news on the Murdoch front as the Fox Corp. proxy filed today shows Rupert with a 24% pay increase in fiscal 2023 to $22.9 million from $18.9 million. It’s his last full year as chairman of the board as succession planning kicks in.
CEO and executive chair Lachlan Murdoch’s compensation totaled $21.77 million, from $21.75 the year before. The company’s fiscal year ends June 30.
The family announced yesterday that Rupert Murdoch will be stepping down as chair of both Fox and News Corp., formally passing the baton to Lachlan, who will assume the sole chairman positions effective after the annual meeting of shareholders set for Nov. 17. Rupert will hold a title of chairman emeritus.
The SEC filing this afternoon shows Murdoch senior’s compensation package includes a base salary of $5 million; stock and option awards valued, respectively, at $5.8 million and $1.75 million, and non-equity incentive plan compensation (like a cash bonus) of $4.45 million. He also took in $5.7 million from the line called “change in pension value and nonqualified deferred compensation earnings,” which was much of the difference between last year and this.
Lachlan’s package was split between a $3 million base salary, stock awards valued at $9.17 million, and option awards at $2.75 million. His non-equity incentive comp was $4.45 million. He had “other” compensation of $1.76 million, the bulk of that being residential security.
The proxy statements, which lay out the annual compensation of a company’s top five highest paid executives, showed Viet Dihn, the departing chief legal and policy officer blamed for giving bad advice in the Dominion Voting Systems lawsuit, had a pay package of $10.7 million for fiscal 2023 vs. $11.2 million the year before.