Murdochs Give Up Million Dollar Salaries Due To COVID-19 Downfall

Murdochs Give Up Million Dollar Salaries Due To COVID-19 Downfall

Rupert Murdoch (pictured) and son Lachlan Murdoch, chairman and CEO at Fox Corporation, will forgo their salaries to help mitigate the loss from COVID-19.

As reported in the SMH, the announcement was made in an email to all staff. Other execs taking a pay hit include chief operating officer John Nallen, chief legal officer Viet Dinh and chief financial officer Steve Tomsic. This will be in effect until September 30.

Further pay cuts will affect around 700 of Fox Corporation’s employees.  

On Wednesday in the US, Lachlan Murdoch said in a memo sent to employees: “The rest of my direct-report executive team will reduce their salaries by 50 per cent through the same period.

“And from May 1st through July 31st, 2020, our executives at the VP level and above will reduce their salaries by 15 per cent.”

He also said most senior members of the company will take pay cuts so Fox is able to protect its full-time employees with salary and benefit continuation during the crisis. 

Lachlan said Fox will also suspend compensation raises across the entire company, including for members of the board.

 

 



Please login with linkedin to comment

coronavirus Murdoch

Latest News

Sydney Comedy Festival: Taking The City & Social Media By Storm
  • Media

Sydney Comedy Festival: Taking The City & Social Media By Storm

Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]

Global Marketers Descend For AANA’s RESET For Growth
  • Advertising

Global Marketers Descend For AANA’s RESET For Growth

The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA  Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]