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Rupert Murdoch, Fox CEO, Stepping Down As Son Steps Up

Image: Rupert Murdoch, Fox CEO, Stepping Down As Son Steps Up
(AP Photo/Josh Reynolds, File)

By    |   Thursday, 11 Jun 2015 12:44 PM

Rupert Murdoch, CEO and controlling shareholder of 21st Century Fox, will soon step down from his role as his son, James Murdoch, takes the reigns.

CNBC reported that several sources close to the family say the succession could take place as soon as this year or as late as next year, and that the matter is on the agenda for the company's next board meeting.

 


Murdoch, 84, will remain executive chairman of Fox, while his eldest son Lachlan Murdoch, 43, will be named executive co-chairman. Current COO Chase Carey, whose contract ends next June, will stay on and take up an advisory role to Lachlan.

As The Wall Street Journal reported, "In the new leadership structure, the two younger Messrs. Murdoch will run Fox in a partnership very similar to the one currently in place between the senior Mr. Murdoch and Mr. Carey, with one focused on the long-term agenda and the other more focused on the company’s operations, though the roles will overlap."

James Murdoch has been working as co-COO of Fox after he gave up his role at BSkyB in the U.K.

"While no one doubts the elder Murdoch will still have the final say on whatever goes on at Fox, Carey's stepping down as COO will leave the company without a layer of senior management outside the family for the first time," wrote CNBC.

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Rupert Murdoch, CEO and controlling shareholder of 21st Century Fox, will soon step down from his role as his son, James Murdoch, takes the reigns.
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2015-44-11
Thursday, 11 Jun 2015 12:44 PM
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