Robert Thomson’s term as News Corp CEO has been extended, and his pay package sweetened.News Corporation chief executive Robert Thomson is getting a pay rise and will see his tenure at the helm of Rupert Murdoch’s media empire extended until the end of the 2019 financial year.
In an announcement to the Australian Securities Exchange, News Corp said the contract of Mr Thomson, who became chief executive in January 2013 following roles at Dow Jones and The Wall Street Journal, will now run to June 30, 2019.
While Mr Thomson’s base salary of $US2 million ($2.7 million) will remain the same, next financial year his potential annual cash bonus will be bumped up to “not less than $US4 million”, up from $US3 million in 2015. His long-term equity based incentive will lift to at least $US5 million, up from $US4.3 million in fiscal 2015.
Overall, Mr Thomson has the potential to earn $US11 million ($14.7 million) next financial year or more, up from $US9.3 million in the 2015 fiscal year.
More than 80 per cent of Mr Thomson’s compensation will be performance-linked.
News Corp also extended the contract of chief financial officer Bedi Singh, who from the 2017 financial year onwards will have a potential total pay package of $US5.5 million, up from $US4.3 million. More than three quarters of Mr Singh’s compensation will be performance-linked.
Mr Singh, whose contract extension also goes through to June 30, 2019, will see his base salary rise to $US1.3 million, with potential cash bonuses of $US2 million and long-term equity incentives of $US2.2 million from next financial year.
“The effect of these changes is an increase in the at-risk performance-based portion of annual total target compensation,” News Corp’s statement said.
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