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Murdoch Takes Pay Cut

Twenty-First Century Fox Chairman Rakes in 3.7%% Less in 2013 8/30/2013 12:02 PM Eastern

Twenty-First Century Fox chairman and CEO Rupert Murdoch received $28.9 million in total compensation in fiscal 2013, a 3.7%% drop from the $30.02 million the media mogul made in the previous year.

The difference, according to a proxy statement filed with the Securities and Exchange Commission Friday, appears to be in the value of Murdoch’s pension plan – down to $2.85 million in fiscal 2013 from $7.65 million in the prior year. Murdoch’s annual base salary remained the same at $8.1 million and he received $5.2 million in stock awards (versus $3.5 million in fiscal 2012). Although Murdoch did not receive a bonus in fiscal 2013 (compared to the $10.4 million he received in fiscal 2012), he did receive $12.5 million in non-equity incentive plan compensation. He did not receive such an award in fiscal 2012.

Other company executives fared better. Chief operating officer Chase Carey saw his total compensation rise 9.2% to $27.05 million and deputy COO James Murdoch received a slight uptick (1.2%) to $17.04 million from $16.8 million in the prior year.

General counsel Gerson  Zweifach took a pay cut in fiscal 2013, receiving $5.6 million in total compensation, down 23.3% from the $7.3 million received in the prior year.

Chief financial officer David DeVoe, who announced in June that he would retire after the planned split of News Corp. into two separate companies, received $12.4 million in total compensation in 2013, up 14.8% from 10.8 million  in fiscal 2012.

In a separate filing, the company announced that his replacement – former deputy CFO  John Nallen –  will receive an annual  base salary of $2 million, an annual bonus target of not less than $3 million and a maximum payout of not less than $6 million. In addition, Nallen is eligible to participate in the company’s long-term incentive performance stock unit program and can receive an annual PSU Bonus with a target of not less than $3 million.  

September