Arab Today, arab today news corp reshuffles board of directors
Last Updated : GMT 14:56:06
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News Corp. reshuffles board of directors

Arab Today, arab today

Arab Today, arab today News Corp. reshuffles board of directors

New York - AFP

News Corp., which is embroiled in a phone-hacking scandal in Britain, announced a reshuffle of its board of directors on Friday. In a filing with the US Securities and Exchange Commission, the media and entertainment giant also said News Corp. chairman and chief executive Rupert Murdoch received a $12.5 million bonus during the last fiscal year. Murdoch's total compensation rose by nearly 50 percent in fiscal 2011 to $33.3 million, according to the filing. His base salary was unchanged at $8.1 million. Rupert Murdoch's son James, News Corp.'s deputy chief operating officer, received total compensation of $17.9 million including a $3.0 million base salary, stock awards of $8.3 million and a $6.0 million bonus. James Murdoch, however, in a statement released several hours after the SEC filing, said he was declining the bonus because of the phone-hacking scandal that led to the abrupt closure of the News of the World tabloid. "In light of the current controversy surrounding News of the World, I have declined the bonus that the company chose to award to me," said James Murdoch, the former chairman of News Corp.'s British publishing unit News International. "While the financial and operating performance metrics on which the bonus decision was based are not associated with this matter, I feel that declining the bonus is the right thing to do," he said. "I will consult with the Compensation Committee in the future about whether any bonus may be appropriate at a later date," he said. News Corp. said Kenneth Cowley and Thomas Perkins would leave the board of directors after the annual meeting of shareholders in Los Angeles on October 21 and James Breyer would stand for election. Cowley joined News Corp. in 1964 in Australia and served as chairman and chief executive of News Ltd., the company's Australian newspaper unit, from 1980 to 1997. He has been a board member since 1979. Perkins is a founding partner of venture capital firm Kleiner Perkins Caufield & Byers. He has served on the News Corp. board since 1996. Breyer is also a leading venture capitalist and is a partner in venture capital firm Accel Partners. "We thank Ken and Tom for their years of service on the News Corporation Board and sincerely appreciate the critical insights they provided," Murdoch said in a statement. "Jim has a remarkable track record in the investment community and his background in media and technology will enable him to make significant contributions to News Corporation's Board," Murdoch said. "I consider it a privilege to be nominated and I am excited about the prospect of joining News Corp.'s distinguished Board at this exciting time in the company's history," Breyer said. In the filing with the SEC, News Corp. also detailed the compensation of several other top executives of the company. Chase Carey, News Corp.'s deputy chairman, president and chief operating officer, received total compensation of $30.1 million including a base salary of $4.05 million, stock awards worth $15.2 million and a bonus of $10 million. Roger Ailes, the chairman and chief executive of News Corp.'s Fox television networks, received total compensation of $15.5 million including a base salary of $5.0 million and a bonus of $1.5 million.

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