You don’t have to actually work for Rupert Murdoch to make a fortune. Just ask News Corp’s exiting chief financial officer, Bedi Singh.
He will make $US10 million ($13 million) over the next three years from drawing his base salary and bonuses despite walking out the door for the last time this Wednesday.
Maybe people should have paid a little more attention when the media group announced last week that Singh will be “departing” with so little notice “to pursue new opportunities”.
These are terms used all too often when executives are being swept out the door. Not that Murdoch was sparing in his kind words for Singh.
“I asked Bedi to come back in 2012 to help get the new News Corp up and running, and he’s done a great job doing just that,” said Rupert.
And Murdoch does have a reputation for rewarding his loyal lieutenants. Rebekah Brooks’s pay-off from News Corp may have exceeded £16 million ($26 million) after she was forced to resign in the wake of the phone hacking scandal.
On Tuesday, News Corp announced that it will enter into a “separation agreement” with Singh “pursuant to which Mr Singh’s employment with the company was terminated without cause”.
He will continue to receive his $US1.3 million base salary, and $US2 million in bonuses, for each of the 2017, 2018 and 2019 financial years “payable at the conclusion of the relevant period.”
That does not include stock performance units, which unlike his bonus, appear to be “at risk” and hence, actually subject to the financial performance of News Corp.
He will also receive $US495,000 payable in instalments over the next three years in lieu of his participation in the company retirement scheme, and a modest monthly consulting fee of $US12,500 for a minimum of six months.
News Corp’s n number cruncher, Susan Panuccio, will be replacing Singh, with a base salary of $US1.1 million, and annual bonus of up to $US1.1 million which kicks in for the 2018 financial year.
For the record, News Corp reported a $US219 million loss for the December quarter – thanks largely to $US537 million of writedowns on its n assets.
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