Former NYC School Chancellor To Earn $2 Million a Year as News Corp. Exec
Joel Klein sees massive pay hike, perks and $1 million signing bonus as CEO of company’s new Education Unit
NEW YORK - Former New York City Schools Chancellor Joel Klein will earn a base salary of $2 million per year, among other compensation, as board member and executive at Rupert Murdoch's News Corp., according to a regulatory filing Tuesday.
The filing also mentioned a $1 million signing bonus. As supervisor of New York City's public schools, his annual salary amounted to $250,000.
The company, which hired him late last year, in its filing also said that it has signed an employment agreement with Klein, who started this week, that will run through Dec. 31, 2015. It gives him the title of CEO of the firm's new education unit in addition to his original titles of board member and executive v.p, Office of the Chairman.
News Corp. shortly after his hiring announced the $360 million acquisition of education technology firm Wireless Generation in its first step to become a player in the education space.
According to Tuesday's News Corp. filing, Klein is also eligible to receive an annual News Corp. bonus with a target of not less than $1.5 million. He is also eligible to receive awards related to stock option or other incentive compensation plans. His employment deal further includes a car allowance of $1,200 per month.