Lachlan Murdoch will remain chief executive officer of Fox Corp. through 2030 under a new contract extension, the company announced Thursday in a securities filing.
Fox’s board and compensation committee unanimously approved the deal, which also keeps Chief Financial Officer Steve Tomsic in his role through 2030. Murdoch recused himself from the negotiations to avoid any conflict of interest.
For Tomsic, the new terms raise his salary to $2 million per year. His target annual bonus is set at $3 million, stepping up to $3.5 million starting in July 2028, while his target annual equity award increases to $4 million.
The contract extension further solidifies Lachlan Murdoch’s control over Fox Corp. He gained full voting control of the company through a family trust after buying out his siblings for $3.3 billion last summer. Unlike his more liberal siblings, Lachlan has long aligned with the conservative political views of his late father, Rupert Murdoch.
The new agreement ensures leadership continuity at the media giant for the next several years.