By Kevin McCauley
James Murdoch has decided to give up his $6M bonus for fiscal 2011 due to the hacking scandal at the now closed U.K. 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 Murdoch in a statement posted today on News Corp.’s website. "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."
The bonus was part of the $17.9M comp package that was granted Murdoch, who serves as deputy COO and chief of European operations. He is son of News Corp CEO, Rupert.
Unlike his son, the senior Murdoch took his $12.5M bonus that was part of his $33.3M compensation package, according to the media combine’s proxy released today.
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