Fox Corporation (NASDAQ: FOXA) announced that Adam Ciongoli will step down as Chief Legal and Policy Officer effective December 1, 2026, and that Nicholas Trutanich will succeed him as General Counsel on the same date.

Under a Transition and Separation Agreement dated October 19, 2026, Ciongoli will receive a separation payment equal to one year of his annual base salary plus his target annual bonus for fiscal year 2027, company-paid COBRA coverage through June 1, 2028 at the earliest, and a cash payment of $12,595,784 in exchange for cancellation of his outstanding equity awards. His vested stock options will remain exercisable for three years following his departure date.

Ciongoli will also transition into a special advisor role under an Advisory Services Agreement effective December 1, 2026, for an eighteen-month term. He will receive an annual consulting fee of $1,750,000, paid in monthly installments of $145,833.33, and will advise the company on legal, policy, and regulatory matters.

Trutanich currently serves as Executive Vice President and Deputy General Counsel at Fox Corporation. He previously held the role of Executive Vice President and Chief Ethics & Compliance Officer at the company, and prior to joining Fox, served as United States Attorney for the District of Nevada.

Under his employment agreement, Trutanich will receive a base salary of $1,400,000, a target annual bonus of $1,400,000, and an annual long-term incentive target award of $2,200,000 under the Fox Corporation 2019 Shareholder Alignment Plan or another applicable long-term incentive plan.