Top executives of the Fox Corporation, including co-chairman Chairman Rupert Murdoch and Executive Chairman and CEO Lachlan Murdoch, will give up their salaries and as many as 700 senior executives will see their pay reduced over the coming moths as the company seeks to get through the coronavirus pandemic.
Lachlan Murdoch announced the cuts in an internal memo to employees.
“While we don’t know exactly when we will return to normal and full operations across the company, we have decided to take several new actions to ensure that we remain strong and are well-positioned when this crisis recedes,” the memo states.
“To that end, the most senior members of our company will be reducing their salaries so that, to the greatest extent possible, we are able to protect our full-time colleagues with salary and benefit continuation during the period we are most affected by the crisis.”
The memo said the two Murdochs and executive officers John Nallen, Viet Dinh and Steve Tomsic would not receive salaries through Sept. 30.
"The rest of my direct-report executive team will reduce their salaries by 50 percent through the same period,” the memo stated.
Those taking the 50 percent pay cuts include Fox News Media CEO Suzanne Scott, Fox Television Stations CEO Jack Abernathy, Fox Sports CEO Eric Shanks and Fox Entertainment CEO Charlie Collier.
It was also announced that starting May 1 through July 31, those serving at the vice president level and above would have a salary reduction of 15 percent.
“Collectively, these salary reductions will impact about 700 of our colleagues. And we are suspending compensation increases throughout the company, including for the Board of Directors,” Murdoch wrote.
"I know that these past weeks have been difficult for you and your family, as they have been for all of us. We are in this together, and with courage and a renewed sense of purpose, we will emerge from this challenge stronger, more grateful for our blessings and more indispensable than ever," he concluded.
The Hill has reached out to Fox Corp. for comment.