News Corp. CEO Rupert Murdoch's Pay Dips as Company Adjusts Board of Directors

3:10 PM PDT 9/4/2012 by Paul Bond

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Murdoch earned $30 million, down 10 percent, as former Secretary of Labor Elaine Chao and former Colombia President Alvaro Uribe are up for board seats.

News Corp. chairman and CEO Rupert Murdoch received a compensation package worth $30 million for the fiscal year ending in June, down about 10 percent.

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He received $33.3 million for the previous fiscal year.

News Corp. president Chase Carey earned $24.8 million, down from $30.2 million.

Also on Tuesday, ahead of its plan to split into two companies, News Corp. announced a shakeup of its board of directors. Former U.S. Secretary of Elaine Chao and former president of Colombia Alvaro Uribe will stand for election at the stockholders meeting Oct. 16.

If the pair are elected, the News Corp. board would consist of two women and 13 men. As it stands now, Natalie Bancroft is the lone female director at the media conglomerate.

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Chao was secretary of Labor from 2001-09 un President George W. Bush. She has been a distinguished fellow of the Heritage Foundation and was CEO of United Way of America.

Uribe was president of Colombia from 2002-10.

News Corp. said current directors Andrew Knight and John Thornton will retire from the board after the upcoming meeting, while Arthur Siskind will serve as a director emeritus, attending meetings but not voting on resolutions.

"Elaine Chao’s notable career spans the public, private and nonprofit sectors," Murdoch said in a statement. "As secretary of Labor, she was recognized for her focus on empowering American workers, responding to globalization and improving our country’s competitiveness. Her vast experience leading complex, large-scale organizations will make her a valuable asset to the board.”

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Added Murdoch, “As president of Colombia, Alvaro Uribe was a transformative figure who saved his country’s democratic institutions, revitalized its economy and restored the security of its people. His outstanding leadership skills and international perspective will provide important insights into Latin America for our directors."