When we last left Joel Klein in November, he was headed to News Corp (NSDQ: NWS) as a member of the board and EVP-office of the Chairman. Now, he has his own division — and pay to match. In addition to the other roles, Klein is CEO of Rupert Murdoch’s latest effort to expand revenue options, a new education division.
The four-year compensation package described in the SEC filing is substantial: a $1 million signing bonus, a base salary of $2 million a year, an annual bonus with a target of not less than $1.5 million. Perqs include the same stock options and an incentives as other senior execs, the usual benefits, and a car allowance of $1,200 a month. (Unlike Roger Ailes, no security allowance.) The total if he gets only the minimum bonus every year could break $15 million.
That’s a hefty increase over the $250,000 a year Klein was making as a public school chancellor when he had a $22 billion operating budget and responsibility for more than one million students. Now his mission is to make money out of education for News Corp. and it’s Cathie Black’s turn to educate.
Soon after Klein’s move to News Corp. was announced, the media company spent $360 million for NYC edtech company Wireless Generation. Murdoch’s track record when it comes to building new areas of the company suggests more investment is on the way.