Former HP CEO Mark Hurd to Leave News Corp. Board
Hurd won’t serve as a director after News Corp.’s Oct. 15 annual meeting, the New York-based company disclosed in a regulatory filing today. He has been on the board since February 2008 and worked on the nominating and corporate governance committee.
Hurd, 53, stepped down as chairman and CEO of HP Aug. 6 after the company said an inquiry into a sexual harassment claim found inaccurate expense reports filed by him or on his behalf had the effect of concealing a personal relationship with a marketing contractor.
“News Corp. is a great company and I appreciate the chance to serve on its board of directors,” Hurd said in an e-mailed statement. “I have decided to move on and focus on future career opportunities.”
News Corp., which owns the Wall Street Journal and Fox broadcast network, was the only board he worked on other than HP’s. No one has been nominated to replace him on News Corp.’s board, according to the filing.
“After discussions between the Company and Mark Hurd, it was determined that he would not be considered for re-election to the board at the company’s 2010 annual meeting,” News Corp. said in a separate e-mailed statement.
Hurd’s Board Service
Hurd joined the board in 2008 to replace former U.S. Education Secretary Rod Paige. At the time, Murdoch said Hurd’s technology experience would help position News Corp. for growth online. The media company owns the MySpace social-networking website and is figuring out how to make consumers pay for its newspapers, TV shows and movies online.
As part of the nominating and corporate governance committee, Hurd helped review qualifications for director candidates and evaluate the performance of current board members to determine whether they should be re-nominated.
News Corp. paid Hurd $111,000 in cash during the fiscal year ended June 30, and also awarded him $120,000 in stock, bringing his total board member compensation to $231,000. He owned 17,000 shares of the Class B voting stock as of Aug. 17, the filing states. He also has 24,099 shares that have not yet vested.
Salaries and Bonuses
The media company also disclosed today that Murdoch’s total compensation last fiscal year was valued at $22.7 million, up from $22.2 million a year earlier. He received an $8.1 million salary and $4.05 million in stock awards.
The company said earlier this month that it’s shifting compensation for top executives to more performance-based bonuses. Murdoch’s maximum bonus in fiscal 2011 is $25 million, more than his entire compensation package last year.
Chase Carey, who was hired as chief operating officer and deputy chairman in July 2009, was awarded $26 million in total compensation, including a $10 million signing bonus and a bonus of $5 million based on earnings per share.
Roger Ailes, Chairman and CEO of Fox News Channel, had compensation valued at $14 million last year, including a $5 million salary and $56,546 for personal security. He was the only one among five top executives whose pay was disclosed to receive personal security as a business expense.