The new leaders of 21st Century Fox will each get $3 million in annual salary as well as high-priced perks, the media company disclosed in filings with the U.S. Securities and Exchange Commission Friday.
Lachlan and James Murdoch, who were named earlier this year executive co-chairman of the company’s board of directors and chief executive officer, respectively, are set to receive the $3 million per year as well as an annual bonus of between $8 million and $16 million, the filing said. They are both also eligible to receive stock grants of “no less” than $9 million a year.
Chase Carey, who has served as company co-chairman Rupert Murdoch’s right hand for a number of years, was named executive vice chairman of the company and “will provide non-exclusive consulting services” to Fox beginning July 1, 2016, for two one-year periods. For his work, Carey is slated to receive $20 million for each term, according to the filing. If Carey gives the company notice of four months after July 1, 2016, that he wants to leave, he would still stand to collect his compensation for the entire fiscal year.
Revelation of the salaries follows the company’s maneuver in June to set out a definite path of succession for the elder Murdoch, who is 84 years old.
The contracts for both of Rupert Murdoch’s sons last to the middle of 2019. Each will report to the company’s board, but James Murdoch will also report to Rupert Murdoch, according to the filing.