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News Corp chairman Murdoch takes $3m wage cut

RUPERT Murdoch may have been feeling a little less humble yesterday after the announcement he received a pay package worth $30m (€23.8m) last year. After a traumatic time, the chairman and chief executive of News Corp made around 10pc less than the $33.3m (€26.5m) he received in the previous 12 months.

But the pay cut was less than that suffered by News Corp president Chase Carey, whose chances of succeeding Mr Murdoch at the head of the company have increased amid the travails of the world's most famous media family over the phone-hacking scandal.

Mr Carey earned $24.8m (€19.7m) in the 12 months to June, down from $30.2m (€23.9m) the previous year.

Elaine Chao, a former labour secretary in George W Bush's administration, will be promoted to the board along with the former president of Colombia, Alvaro Uribe.

Natalie Bancroft, a member of the family that formerly owned the 'Wall Street Journal', is currently the only woman on the 15-strong board, with Mr Murdoch's daughter, Elisabeth -- who recently made outspoken comments about the company -- having chosen not to take up her seat.

As part of the board changes before News Corp is split into two divisions, the former NI chairman, Andrew Knight, will be relinquishing his seat after 21 years. The move will be seen as a further marginalisation of News Corp's British newspaper business within the company's global media operation.

News Corp said Mr Uribe's arrival at the company would "provide important insights into Latin America for our directors". (© Independent News Service)

Irish Independent