Fox Corp.‘s board of directors has extended the contract of CEO Lachlan Murdoch through 2030 and also given him a raise in the form of a higher annual bonus and equity award.
Starting July 1, according to an SEC filing Thursday, his target annual bonus is rising to $9 million, and his target annual equity award increasing to $20 million.
In fiscal 2025, Murdoch’s total compensation rose to $33 million from $23.8 million in the prior year. His annual base salary has held steady at $3 million in recent years.
CFO Steve Tomsic has also had his employment agreement extended through 2030, with his target annual bonus increasing to $3 million and target annual equity award hitting $4 million. Starting July 1, 2028, Tomsic’s target annual bonus will go up to $3.5 million.
The renewal for Murdoch comes after a landmark settlement reached by his father, Rupert Murdoch, with his children. Under the deal struck last fall, Lachlan Murdoch’s stature as the heir apparent was reinforced, while his siblings James, Elisabeth and Prudence all formally cut ties with the family’s media empire. Grace Murdoch and Chloe Murdoch, who are the daughters of Rupert Murdoch and his ex-wife, Wendi, joined Lachlan as members of a newly established trust.
Solidifying Lachlan Murdoch at the helm of Fox Corp. was a way to head off the potential scenario of his siblings reorienting Fox News and other right-leaning assets after the death of the elder Murdoch, who is 94. James Murdoch has been a critic of Fox News, with his concerns about it dating back to his term as CEO of 21st Century Fox. After the $71.3 billion sale of most of that company to Disney, the remainder was established in 2019 as Fox Corp. with Lachlan Murdoch as CEO.
Per the filing, the exec “recused himself from all discussions and votes regarding his employment term extension and compensation adjustments.”
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