DirecTV Group CEO Chase Carey more than doubled his compensation in 2006, the year the direct-broadcast satellite giant’s controlling shareholder, News Corp., reached an agreement to transfer its interest to Liberty Media.
Carey -- who has been with DirecTV since December 2003 -- received a $7 million raise in 2006, taking home compensation of $12.47 million, compared with the $5.4 million Carey pocketed in 2005.
According to a proxy statement filed with the Securities and Exchange Commission Friday, Carey received salary of $2.15 million, a $4 million bonus and stock awards worth $5.7 million. That compares to his $2.1 million salary and $2.96 million bonus in 2005. Carey did not receive stock awards in 2005, according to the company’s proxy statement for that year.
Carey’s target bonus for the year was originally $3.2 million, but the company deemed it appropriate that he receive a slightly higher award due to his meeting or exceeding several performance goals for the year, including cash-flow growth. His current employment agreement with DirecTV expires Dec. 31.
On Dec. 22, 2006, News Corp. agreed to transfer its 38.5% controlling interest in DirecTV, $588 million in cash and three regional sports networks to Liberty in exchange for Liberty’s 19% voting interest in News Corp. The deal, valued at about $11 billion, is expected to close in the second half of this year.