$43 Million Payday For Carey
Former DirecTV CEO Gets Deal Comparable To Chernin
Mike Farrell -- Multichannel News, 7/2/2009 11:25:16 AM
Former DirecTV CEO Chase Carey will be paid handsomely in his new position as News Corp. chairman Rupert Murdoch's right hand man, reaping as much as $43 million in salary and bonus in his first year.
According to documents filed with the Securities and Exchange Commission late Wednesday, Carey's five-year employment deal includes a base salary of $8.1 million, a $10 million signing bonus and performance incentive bonuses - including restricted stock - ranging from zero to $25 million per year, based on News Corp.'s profits.Carey, who had worked in several top management positions at News Corp. prior to becoming CEO of DirecTV in 2004, announced his decision to return to his former employer as president and chief operating officer in June. He assumed his new position, effective July 1. Carey replaced former president and COO Peter Chernin, who announced his decision not to renew his employment contract in February.
DirecTV said executive vice president of legal, human resources and administration Larry Hunter would serve as interim CEO in addition to his current duties as the satellite giant looks for a permanent successor.
The compensation package is comparable o Chernin's who received $28.8 million in total compensation in 2008 ($8.1 million in salary and about $20 million in stock awards and incentive bonuses). Chernin, who left News Corp. to start his own television and film production company, has a deal with his former employer that requires News Corp. to finance and distribute two films per year for the next six years from his production company.
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