June 9, 2014
Chase Carey, the president and chief operating officer of
21st Century Fox Inc.,
FOX +0.83% on Monday agreed to a two-year employment contract extension, ensuring the media company will retain an experienced executive during a period of intense change in the entertainment industry.
Mr. Carey, 60 years old, has been the No. 2 executive at
Rupert Murdoch's media company since 2009. His contract was set to expire June 30, and his employment status had attracted some attention and speculation on Wall Street, where he is well regarded as being a shrewd, cost-focused operating executive.
His new contract is only half the length of his last four-year agreement, which took effect in 2010. And while the new contract lasts through June 30, 2016, Mr. Carey has the right to leave as early as the end of December 2015, provided he gives six months' notice.
In an interview, Mr. Carey said he would prefer to not have a contract, and that "flexibility" is important to him.