Nice work if you can get it. Fox’s 8-K spells out what Adam Ciongoli takes with him when he steps down as Chief Legal and Policy Officer on December 1: a year of base salary plus target bonus, company-paid COBRA, and $12,595,784 in cash for his cancelled equity awards. Then he stays on as a special advisor for 18 months, on ongoing legal, policy and regulatory matters.
His successor, deputy GC Nicholas Trutanich, gets a $1.4 million base, a $1.4 million target bonus and a $2.2 million annual long-term award. That is serious general counsel pay, and a reminder that the insider who ran litigation and compliance is often the one handed the keys. Plotting your own route to the GC seat? Start with the deputy chair…
“Under the Advisory Services Agreement, Mr. Ciongoli will receive an annual consulting fee at the rate of $1,750,000 per annum, payable in monthly installments of $145,833.33, for the eighteen-month term of the agreement.”