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.
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