July 7, 2009
Big Pay Day for the Boss
The newly appointed COO and News Corp president Chase Carey is looking at a big pay day. According to the latest SEC filings, Carey could earn as much as $43.1 million in his first year, in salary and bonuses.
As reported by paidContent.org, at some media companies, it is business as usual when it comes to exec salaries:
[i1]At News Corp (NYSE: NWS). newly appointed COO and president Chase Carey could earn as much as $43.1 million in his first year, in salary and bonuses. His five year contract includes a base annual salary of $8.1 million and a $10 million signing bonus.
Besides cash, he is also eligible for an annual bonus and restricted stock units ranging from zero to $25 million, depending on News Corp.'s profits. He will also be eligible for other grants of stock, stock options and other equity. This is a huge jump for Carey, from his previous position as CEO of DirecTV, where his base salary was $2.3 million, and he reportedly earned a bonus last year of $3.5 million. Also, if he's fired in the next 12 months, he will get a severance amount of $10 million.
This is roughly equivalent to what Carey's predecessor in the position Peter Chernin got.
Chernin has officially vacated his position, but will still be involved with News Corp via his first-look deal for his new move and TV production company. Besides some more payments on his stock in news Corp, Chernin will also have the right to the "use of a corporate jet, a corporate car, screening room and personal secretarial services," a separate SEC filing disclosed.