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James and Lachlan Murdoch to each earn $27 mn a year at 21st Century Fox
MUMBAI: 21st Century Fox scions James and Lachlan Murdoch will each receive up to $27 million a year after they were promoted at their father Rupert Murdoch’s company.
Their contracts are for a four-year period. Both were promoted last month. While James is 21st Century Fox CEO, Lachlan is the company’s executive chairman.
Both will individually receive a base salary of $3 million and will be eligible to receive an annual bonus with a target of no less than $8 million and a maximum payout of no less than $16 million, according to a regulatory filing.
“The executive and his surviving spouse will participate in all the company’s pension and health and welfare plans, programmes and benefits. Each executive will receive a car allowance and have use of a corporate jet for business and personal travel in accordance with company guidelines.”
Lachlan will also be “reimbursed for expenses actually incurred relating to the relocation of his family from Australia to Los Angeles, California”.
Chase Carey on 1 July became executive Fox vice chairman and a consultant to Rupert Murdoch and was expected to leave on 1 July 2016. “The independent directors have approved a new consulting arrangement,” the filing said.
Under it, beginning 1 July 2016, Carey will provide non-exclusive consulting services to the company “as mutually agreed … for a period of two one-year terms.” The consulting work “shall not be on a full time basis. “For his consulting services, Mr Carey will receive a fee in cash of $20 million for each year in the consulting term. Mr Carey will continue to serve on the board of directors as vice-chairman at the company’s request,” the filing said.