News Corp. Nominates Chao, Uribe to Board as Directors Step Down
News Corp. (NWSA), the media company run by billionaire Rupert Murdoch, nominated ex-Colombian President Alvaro Uribe and former U.S. Secretary of Labor Elaine Chao as directors, bolstering the board’s government experience.
Uribe and Chao will replace Andrew Knight and John Thornton, who plan to step down as directors following the annual meeting, News Corp. said today in a statement.
The changes presage a broader shakeup in News Corp.’s organization over the next year. Murdoch announced a plan in June to break up News Corp.’s publishing and entertainment divisions into separate companies. Murdoch will remain chairman of both businesses and CEO of the entertainment division.
Chao served as labor secretary under President George W. Bush from 2001 to 2009. After that, she became a distinguished fellow of the Heritage Foundation in Washington. The Harvard- educated Uribe was president of Colombia from 2002 to 2010 and more recently served on an advisory council for JPMorgan Chase & Co. (JPM), News Corp. said.
Murdoch received $30 million in total compensation last year, New York-based News Corp. said in a regulatory filing. That was down from $33.3 million in 2011, in part because of fewer stock awards.
News Corp. shares rose 0.6 percent to $23.53 in New York today. The stock has climbed 32 percent this year.
The company will hold its annual shareholder conference in Los Angeles on Oct. 16. Another board member, Arthur Siskind, will serve as a director emeritus after the event. He will continue attending meetings but won’t vote on resolutions.
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