Lachlan Murdoch Sees Pay Package Rise, Fox Details “Enhanced” Retirement Benefits for Rupert Murdoch

Lachlan Murdoch saw his compensation rise in Fox’s fiscal 2024, while Rupert Murdoch is in line to receive some “enhanced” retirement benefits in connection to his decision to step away from the company last year.

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Fox revealed the pay packages in its annual proxy filing Thursday afternoon.

Fox Corp. CEO Lachlan Murdoch secured a pay package valued at $23.8 million, including a $3 million salary, $9.3 million in stock awards, $2.75 million in option awards, $6 million in non-equity incentive comp, and $1.8 million in other compensation, comprised mostly of security costs.

Rupert Murdoch, meanwhile, took home a package valued at $21.2 million, including a $1.9 million salary, a $2.3 million bonus, $6.5 million in stock awards, and $2.1 million in option awards, among other benefits.

In fiscal 2023, Lachlan Murdoch saw pay valued at $21.8 million and Rupert Murdoch received a package valued at $22.9 million.

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Among those are a suite of retirement benefits that coincide with his departure as chairman of the company.

Those benefits “increase Mr. K.R. Murdoch’s retirement benefits above the amounts available under the Company’s broad-based, tax-qualified plan and provide enhanced retirement health and life insurance benefits to Mr. K.R. Murdoch and his spouse.”

Rupert Murdoch also serves a chairman emeritus of the Fox board, but does not receive any payment for that role.

The proxy filing comes during a pivotal week for the Murdoch family, with the future of the Murdoch Family Trust (which controls 43.4 percent of Fox’s class B shares) currently being determined by a probate court. Rupert Murdoch wants to give Lachlan control of the trust when he passes away, a move that would be a departure from the current guidelines, which would see Lachlan, James, Elisabeth and Prudence Murdoch all receive one vote.

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