Rupert Murdoch received $22.9 million in compensation from Fox Corp., while his son Lachlan Murdoch received $21.7 million in the fiscal year which came to a close on June 30, the company revealed in its annual report filed with the SEC.
On Thursday, Rupert Murdoch announced that he would be stepping down from his role as chairman, becoming chairman emeritus in November, following an annual shareholders meeting. Lachlan Murdoch will be taking over in his stead.
Additionally, Fox Corp. said that two board members, Anne Dias and Jacques Nasser, will be stepping down in November. The company has nominated former Australian Prime Minister Tony Abbott and Magic Leap CEO Peggy Johnson as replacements.
In the filing, Fox provided compensation information for other top executives within the company, including CFO Steve Tomsic ($6.9 million) and former chief legal officer Viet Dinh ($10.7 million).
In 2022, Rupert Murdoch took home $18.4 million in compensation, a 40% decrease from his $31.1 million package in 2021.
Lachlan Murdoch earned $21.7 million in 2022, a 27.6% decrease from his $27.7 million in compensation for 2021.
Fox Corp.’s assets include the Fox broadcast network, Fox News, Fox Sports and streaming service Tubi which has seen recent growth.
On Thursday, following the announcement of his departure, Rupert Murdoch sent a memo to his Fox colleagues expressing that stepping down doesn’t mean he will lose all involvement within the company. He promised to participate “every day in the contest of ideas.”
“You can expect to see me in the office late on a Friday afternoon,” Murdoch continued.