Joel Klein, the former New York City schools chancellor, will receive a base salary of $2 million a year in his new job at News Corp. as executive vice president in the Office of the Chairman.
Klein, who will also serve as chief executive officer of the company’s new education division, signed a contract expiring in December 2015, New York-based News Corp. said today in a regulatory filing. He’ll receive a $1 million signing bonus and be eligible for an annual bonus of at least $1.5 million.
Klein, 64, announced in November that he was leaving the largest U.S. school system after eight years to join News Corp. as a board member and senior adviser to Chairman and Chief Executive Officer Rupert Murdoch. Two weeks later, News Corp. agreed to buy 90 percent of education-technology provider Wireless Generation for $360 million, marking the media company’s foundation of an education business.
His new salary tops his pay of $250,000 a year as schools chancellor, according to the 2009 Green Book, the official directory of the City of New York. He was replaced as chancellor by Cathleen Black, chairman of Hearst Magazines.
News Corp., which owns the Wall Street Journal and the Fox broadcast network, rose 23 cents to $14.99 at 4 p.m. today in Nasdaq Stock Market trading. The shares gained 6.4 percent last year.