Some traditions never die, including the one at Fox to offer top executives super high compensation packages. New CEO James Murdoch, Executive Co-Chairman Lachlan Murdoch, and former COO Chase Carey — now Executive Vice Chairman — should always pick up the check based on the contract terms the company disclosed this morning in an SEC filing.
James and Lachlan’s new contracts run to mid-2019. Both report to the board, but James also reports to his father, Rupert, who’s the other Executive Co-Chairman. Each of his two kids will receive a $3 million base salary and are eligible for a target bonus of anywhere from $8 million to $16 million. Stock incentives will come in at no less than $9 million.
Of course there’s a car allowance, and use of the corporate jet for business and personal travel. Lachlan also will be reimbursed for the cost of moving his family to Los Angeles from Australia.
As for Carey, the basic terms of his previous contract in his new job “remain unchanged.” But beginning in July 2016 he will provide “non-exclusive consulting services…which shall not be on a full time basis” for two, 1-year terms reporting to Rupert and the board. For that he’ll receive $20 million a year in cash. If after July 1, 2016 he gives the company four months’ notice that he wants to leave, then he can still collect his fee for the entire fiscal year.
The filing also notes that CFO John Nallen’s contract was extended to mid 2018 — and he’ll report to both James and Lachlan.
In 2014, Rupert’s CEO compensation came to $29.2 million, Carey made $28 million, and James saw $18.7 million.