Rupert Murdoch Takes Another Pay Cut LA Times
21st Century Fox Chief Executive Rupert Murdoch has taken a pay cut. The Los Angeles Times reports that Murdoch's fiscal 2013 compensation declined slightly to $28.9 million.
The previous year, Murdoch received a $30 million compensation package -- which was almost 10% below his 2011 compensation of $33.3 million, the piece reports.
"Despite the dip, Murdoch's annual base salary remains the highest in the industry, at $8.1 million. During the past year, Murdoch's bonus was divvied up into two categories: stock awards, which were valued at $5.1 million, and a performance-based cash bonus of $12.5 million," the story notes.
Chase Carey, Murdoch's second-in-command and the company's chief operating officer, saw his pay rise 9% to $27 million for fiscal 2013. He was praised for his "exceptional management" leading up to the June 28 spinoff of the company's publishing unit, the story notes, citing comments from the compensation committee in the firm's proxy.
"Murdoch's 2013 compensation was almost the same amount he paid to acquire a 16-acre trophy property in Los Angeles, the Moraga Vineyards estate," the Times report notes. "The 82-year-old media baron's $28.8 million purchase of the winery in the hills above Bel-Air, visible from the 405 Freeway, was finalized earlier [last] week."