By Kevin McCauley
Rupert Murdoch’s News Corp. is paying former New York City schools chancellor Joel Klein $2M a year under a five-year contract inked Jan. 3, according to a Securities and Exchange filing. The pact calls for a $1M “signing bonus.”
As executive VP and chief of News Corp’s newly minted and yet unnamed educational unit, Klein is eligible to a minimum $1.5M annual cash bonus and a car allowance of $1,200 per-month. Klein is signed up for profit-sharing, pension, insurance and an array of perks.
If terminated “for cause,” Klein is entitled to base salary and bonus earned but not yet paid for. He does not receive any additional compensation for serving on News Corp.’s board of directors.
Klein earned $250K as NYC education chief.
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