News in Brief
New Job Proves Lucrative for Former Schools Chief
Joel I. Klein, who earned $250,000 a year as chancellor of the 1.1 million-student New York school system, will be paid $2 million a year in his new job at News Corp., on top of a $1 million signing bonus and potential annual bonuses of at least $1.5 million, filings with the Securities and Exchange Commission show.
Mr. Klein started his job this month as an executive vice president in the office of News Corp. Chairman Rupert Murdoch overseeing educational endeavors. Analysts see his hire as a way to solidify the company’s entry into the education technology field.
Mr. Klein, who served as chancellor of New York City schools for eight years, was replaced this month by former publishing executive Cathleen P. Black.
Vol. 30, Issue 17, Page 4Published in Print: January 19, 2011, as New Job Proves Lucrative for Former Schools Chief