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News Corp Comes Out in Support of Murdoch

Wednesday, 02 May 2012 03:22 PM

 

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News Corp's board of directors came out in full support of Rupert Murdoch on Wednesday, more than 24 hours after a British parliamentary committee had described Chief Executive Rupert Murdoch as unfit to run a major international business.

News Corp said in a statement the board met on Wednesday and announced its full confidence in Murdoch's fitness and support for his continuing to lead News Corp into the future as chairman and CEO.

"The Board based its vote of confidence on Rupert Murdoch's vision and leadership in building News Corporation, his ongoing performance as Chairman and CEO, and his demonstrated resolve to address the mistakes of the Company identified in the Select Committee's report," the statement said.

News Corp was left reeling from a damning criticism of its handling of the phone hacking scandal at its now-defunct UK tabloid News of the World by the UK's Parliamentary Select Committee of Culture, Media and Sport Select Committee on Tuesday. The report lay much of the blame at the feet of its top executives, in particular Rupert Murdoch and his son James who runs the European operations.

The scandal has already led to the arrest of tens of News Corp staff in Britain and resulted in it having to pull out of its largest ever merger transaction with British satellite operator BSkyB last year.

In a memo sent to News Corp staff on Tuesday, Murdoch said the company regretted its handling of the affair but the company's internal investigation had found no evidence of further illegal conduct at its other British papers other than a single incident reported some months ago.

(Reporting By Yinka Adegoke; Editing by Richard Chang)

© 2014 Thomson/Reuters. All rights reserved.

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