This post has been updated. See below for details.
The dramatic increase in the value of
Last week, the senior officers of 21st Century Fox were paid cash for shares they had accumulated over three years as part of their long-term performance-based compensation, according to a filing this week with the Securities & Exchange Commission.
The executives -- plus David DeVoe, the company's former chief financial officer -- on Thursday received the compensation, which was based on that day's closing price of $32.27 per share of 21st Century Fox stock. The incentive amounts were calculated at a time when the stock was trading near its 52-week high.
James Murdoch, deputy chief operating officer, collected $18.9 million in cash. His father, Rupert Murdoch, who is chairman and chief executive of Fox, received $14.7 million.
DeVoe, who retired this spring after 15 years as
The four men began accumulating the amounts through the equity-based incentive award program in fiscal 2011 when the company was named News Corp. On June 28, News Corp. divided into two separate publicly traded companies, both controlled by Rupert Murdoch. The television and film company took the name 21st Century Fox, while the publishing assets, including the
The structure and timing of the long-term incentives were first outlined in a News Corp. proxy several years ago, and not related to the recent jump in the value of the stock.
When the executives began accumulating the amounts, at the end of June 2010, News Corp. shares were trading at $11.96 a share.
[Updated: 10:39 a.m. Aug. 20. An earlier version of this post said that News Corp. stock closed at $10.56 a share in late June 2010. Rather, the stock closed at $11.96 a share.]