THE HOLLYWOOD REPORTER
Tiered pay cuts of 15 percent to 50 percent will impact other executives at the media giant.
Fox Corp. CEO Lachlan Murdoch will forgo his salary amid the novel coronavirus pandemic and 700 employees at the company will see pay reductions, the executive said in an internal memo Wednesday.
Fox’s executive officers, which include mogul Rupert Murdoch as well as chief operating officer John Nallen, chief legal officer Viet Dinh and chief financial officer Steve Tomsic will go without pay until Sept. 30 of this year, the memo said.
Lachlan Murduch wrote that the moves were needed so that “to the greatest extent possible, we are able to protect our full-time colleagues with salary and benefit continuation during the period we are most affected by the crisis.”
Rupert Murdoch’s total compensation in fiscal 2019 was $42.1 million while Lachlan took home $42.1 million in total pay, per a company filing with the Securities and Exchange Commission last September.
Salary cuts will hit other Fox executives in tiers, Murdoch added: “The rest of my direct-report executive team will reduce their salaries by 50 percent through the same period. And from May 1 through July 31, 2020, our executives at the VP level and above will reduce their salaries by 15 percent.”