Chase Carey Extends Contract With 21st Century Fox

Chase Carey - P 2013
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Chase Carey - P 2013

Carey will remain as president and COO through June 2016.

In a filing Monday, 21st Century Fox said it has extended its contract with Chase Carey, keeping him on as president and COO of Rupert Murdoch's media and entertainment conglomerate through June 30, 2016.

Under the terms of the agreement, though, Carey can elect to leave the company earlier, but not earlier than Dec. 31, 2015. If he chooses to leave before June 30, 2016, he cannot give notice earlier than July 1, 2015, and he would remain as a consultant who agrees not to compete with 21st Century Fox until after June 30, 2016.

The agreement calls for Carey's compensation to remain largely flat, though it can vary with the price of the stock. In fiscal 2013, Carey made $27.05 million, up 9 percent over the year prior. His salary was about $4 million both years, but his stock awards and non-equity compensation were higher in 2013 compared to 2012.

Carey's status has been the source of speculation since Murdoch promoted sons Lachlan and James a few months ago. Last month, when a Wall Street analyst asked Carey the status of his employment contract given that it was set to expire this year, he said: "Rupert and I have an understanding and a new agreement. We've simply not gotten it on paper yet."