Murdoch Takes 10% Pay Cut9/04/2012 6:09 PM Eastern
News Corp. executives - with one notable exception - took a haircut on the compensation front in fiscal 2012, with chairman and CEO Rupert Murdoch seeing his overall compensation reduced by 10% and his second in command Chase Carey taking an 18% shave.
According to a proxy statement filed with the Securities and Exchange Commission Tuesday, Murdoch received $30.3 million in total compensation in fiscal 2012, a 10% reduction from the $33.3 million he received in fiscal 2011. The difference was mainly in bonuses and stock awards - Murdoch received a $10.4 million bonus in fiscal 2012 (less than the $12.5 million received n fiscal 2011) and $3.5 million in stock awards (behind the $8.5 million he received in the prior year). His annual salary remained stable at $8.1 million.
Chief operating officer Carey received $24.8 million in total compensation in fiscal 2012, 17.9% less than the $30.2 million he picked up in fiscal 2011, according to the proxy. Carey's annual salary remained stable at $4.1 million, but his stock awards were cut nearly in half - to $8.8 million from $15.2 million in the prior year - and his annual bonus was reduced by 17% to $8.3 million from $10 million the year before.
Fox News chairman and CEO Roger Ailes was the only News Corp. exec in the proxy to get a raise - his overall compensation rose 35.3% to $21.1 million from $15.6 million in fiscal 2011. Fueling most of that increase was $4.1 million in stock awards (Ailes received no stock award in fiscal 2011) and a $1 million increase in non-equity incentive plan compensation to $9 million from $8 million.
Rounding out the top News execs, senior executive vice president and chief financial officer David DeVoe's compensation fell to $10.8 million from $18.2 millionand deputy chief operating officer James Murdoch saw his total pay reduced by 6% to $16.8 million from $17.9 million in the prior year. . Senior executive vice president and general counsel Gerson Zweifach received $7.3 million in total compensation in fiscal 2012. Gerson joined the company in February