NEW YORK Jan 4 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
(Reporting by Yinka Adegoke; Editing by Richard Chang)