News Corp pay deal for Joel Klein worth over $4 mln

NEW YORK Tue Jan 4, 2011 5:19pm EST

NEW YORK Jan 4 (Reuters) - News Corp (NWSA.O) will pay former New York City Education Chancellor Joel Klein more than $4.5 million if he meets targets set in his new role as chief executive of the media company's new education unit.

Klein starts in his new role this month after a decade overseeing New York City's schools where he was paid around $250,000 a year.

His base salary with News Corp will be eight times that at $2 million plus a cash signing-on bonus of $1 million. He has also been set an annual bonus target of not less than $1.5 million, according to regulatory filings.

From July Klein will also be able to take part in the company's stock option awards scheme.

News Corp Chief Executive Rupert Murdoch tapped Klein to run his company's new education unit in November. The media mogul has become an increasingly vocal advocate of public school system reform.

Klein's departure from New York City administration led to the controversial appointment of veteran magazine and newspaper executive Cathie Black by Mayor Michael Bloomberg.

The decision had led to protests from various quarters about her lack of professional education experience or in the public sector.

(Reporting by Yinka Adegoke; Editing by Richard Chang)

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