Fox Corporation CEO Lachlan Murdoch’s total compensation for fiscal 2024 climbed to $23.8 million, according to a proxy filing released by the media giant on Thursday — a 9% increase from his $21.7 million package in fiscal 2023.
The fiscal 2024 package included a $3 million base salary, $9.35 million in stock awards, $2.75 million in option awards, $6 million in non-equity incentive plan compensation, $904,000 reflecting a change in “pension value and non-qualified deferred compensation earnings” and $1.8 million in “other” compensation, which included $142,793 for personal aircraft use, $14,400 for personal corporate car use, $13,800 in company contributions to his 401(k) plan, $5,382 in life insurance premiums and $1.63 million in security costs.
The annual total compensation of the median Fox Corporation employee for fiscal 2024 was $89,068, which resulted in a pay ratio of 267 to 1.
Meanwhile, Lachlan’s father Rupert received total compensation of $21.2 million for fiscal 2024, down 7% from $22.9 million in fiscal 2023. However, he is also entitled to “enhanced retirement health and life insurance benefits,” which increase the amounts available under the company’s broad-based, tax-qualified plan.
The former board chairman’s package included a $1.9 million base salary, a $2.3 million bonus, $6.47 million in stock awards, $2.12 million in option awards, $8.13 million reflecting a change in pension value and non-qualified deferred compensation earnings and $233,098 in other compensation, which included $190,347 for personal aircraft use, $22,666 for personal corporate car use and $20,085 in life insurance premiums.
Though Rupert transitioned to the role of chairman emeritus of the board back in September 2023, he did not receive any compensation for that role.
The latest compensation figures come as the fate of the Murdoch family empire is in the hands of a Nevada probate court, as the 93-year-old media mogul seeks to amend his trust to give Lachlan more control. The effort faces opposition from Rupert’s three other children — James, Elisabeth and Prudence.
The family holds a roughly 40% voting stake in News Corp. and around a 44% stake in Fox Corp. The trial to settle the dispute, which was closed off from the public, concluded earlier this week, with the family awaiting a verdict.
Fox shares are up 35% in the past year and 37% year to date.
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