Fox Corp. chairman Rupert Murdoch, 90, suffered an 8.4 percent drop to $31.1M in total compensation for fiscal `21.
Son & CEO Lachlan Murdoch, 50, took a 5.1 percent hit to $27.6M.
Both took part in Fox’s “voluntary base salary reduction plan” put into place to deal with the COVID-19 pandemic.
The Murdochs agreed to forgo their base salaries from May 1 until Sept. 30.
They signed agreements acknowledging that the cuts would not be a breach of the employment arrangements, trigger severance or amend or modify the employment pact, according to Fox’s proxy statement for broadcaster’s Nov 10 annual meeting.
COO John Nallen, who earned $12.5M; chief legal & policy officer Viet Dinh ($12.4M); and CFO Steven Tomsic ($7.4M), also participated in the salary reduction plan.
Other key executives reporting to Lachlan took 50 pay cuts from May 1 to Sept. 30.
Vice presidents received 15 percent pay cuts from May 1 through July 31.