Lachlan Murdoch will receive an increase in his pay in Fox’s 2024 financial year, while Rupert Murdoch will receive an “increased” severance package in connection with his decision to leave the company last year.
Fox revealed the pay package in its annual proxy filing Thursday afternoon.
Fox CEO Lachlan Murdoch earns $2380,000, including a salary of $3 million, stock compensation of $9.3 million, option compensation of $2.75 million, non-equity incentives of $6 million, and other compensation of $1.8 million. He secured a reward worth $10,000. Most of it is security costs.
Meanwhile, Rupert Murdoch received a package worth $21.2 million, including a $1.9 million salary, $2.3 million in bonuses, $6.5 million in stock awards, and $2.1 million in options.
In 2023, Lachlan Murdoch received a package worth $21.8 million and Rupert Murdoch received a package worth $22.9 million.
This includes a series of severance payments due to his retirement as chairman.
These benefits provide Mr. KR Murdoch with increased retirement benefits above the amount available under the Company’s extensive tax-qualified plan and provide enhanced post-retirement health insurance to Mr. KR Murdoch and his spouse. and life insurance benefits.”
Rupert Murdoch also serves as chairman emeritus of the Fox board, but receives no compensation for that role.
The proxy filing comes in a pivotal week for the Murdoch family, with the future of the Murdoch Family Trust (which controls 43.4 percent of Fox’s Class B stock) currently being determined by probate court. Rupert Murdoch wants to give Lachlan control of the trust when he dies, giving Lachlan, James, Elizabeth and Prudence Murdoch all one vote. This is a departure from the current guidelines.