News Corp has appointed Lavanya Chandrashekar as its new Chief Financial Officer, effective January 1, following Susan Panuccio’s departure. Panuccio, who has been with News Corp since 2017, has chosen to step down to spend more time with her family. Under her financial guidance, the New York-based media company experienced substantial growth, transitioning to a digital and subscription-focused model, expanding business-to-business (B2B) services at Dow Jones, and achieving over a 140% rise in share value. CEO Robert Thomson commended Panuccio’s strategic and steady leadership, attributing the company’s financial progress to her influence.
Chandrashekar, who previously held the CFO position at London-based Diageo, brings with her nearly three decades of international finance expertise across leading consumer goods companies. She has also served as CFO for Diageo North America and previously held various leadership roles at Mondelez International and Procter & Gamble. Her appointment marks a pivotal shift for News Corp as it continues strengthening its digital-first business approach.
Under a three-year employment contract, Chandrashekar will receive an annual base salary of $1.4 million, with a target annual bonus of $2.5 million and an annual long-term equity incentive valued at $2.6 million. Additionally, she will receive a one-time equity bonus worth $2.6 million and a $500,000 payment to assist with her relocation to the New York City area. Executive search expert Shawn Cole noted that this package aligns with the competitive pay seen at companies of News Corp’s scale and highlights the firm’s commitment to attracting top talent.
Panuccio’s tenure concluded as News Corp reported strong fiscal performance for the first quarter ending September 30, with net income rising 148% year-over-year to $144 million and revenue growing 3% to $2.58 billion. Higher profit margins in book publishing and news media, alongside reduced expenses, contributed to these positive results. With Chandrashekar on board, News Corp aims to maintain its growth trajectory and bolster its position within the digital media landscape.
