Rupert Murdoch's 2023 pay at Fox swells 24% to $22.9 million

The media mogul stepped down from his role on Thursday after a career spanning more than seven decades and handed the reins to his son, Lachlan Murdoch, who will become the sole chairman of News Corp and continue as chair and CEO of Fox.

Fox Corp's (FOXA.O) former chairman Rupert Murdoch's total compensation for 2023 climbed more than 24% to $22.9 million, a regulatory filing showed on Friday.

The media mogul stepped down from his role on Thursday after a career spanning more than seven decades and handed the reins to his son, Lachlan Murdoch, who will become the sole chairman of News Corp and continue as chair and CEO of Fox.

Rupert Murdoch will be chairman emeritus of both companies.

At Fox, his 2023 compensation includes an annual base salary of $5 million and about $7.6 million in stock awards and options. It also includes $4.4 million in incentive pay, the filing showed.

Lachlan's compensation at Fox stands at $21.8 million for 2023, little changed from last year's $21.7 million.

He is set to take over the Murdoch media empire at a time when the industry faces challenges ranging from dwindling traditional television viewership to copyright theft allegations.

Separately on Friday, Fox nominated former Australian prime minister Tony Abbott AC and Magic Leap CEO Peggy Johnson to the company's board.