News Corp. adjusts executive compensation
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Rupert Murdoch’s News Corp. said it is tying its executive compensation more closely to the company’s performance.
That means likely pay cuts for many of the company’s top brass, including Murdoch and his son James, who oversees News Corp.'s European and Asian units. Chief Operating Officer Chase Carey and Chief Financial Officer David DeVoe are also getting their pay adjusted.
In a regulatory filing Tuesday, the media conglomerate said that starting in the company’s 2011 fiscal year annual bonuses would be tied to the financial and operating performance of News Corp. to more closely align the executives’ interest with those of shareholders. The announcement comes on the eve of the company report of its fiscal 2010 fourth-quarter earnings.Rupert Murdoch’s target bonus is $12.5 million with a maximum of $25 million. Carey’s annual base salary was cut in half to $4 million, from $8.1 million, to allow him to be eligible for a bonus of $10 million with a maximum of $20 million.
-- Dawn C. Chmielewski