Lachlan and Rupert Murdoch in April 2015. Source: AP Image/ Evan Agostini
Rupert Murdoch has announced his intention to step down as chairman of News Corp and Fox Corporation, formally ending his tenure at the top of the titanic media empire and clearing the way for his eldest son, Lachlan Murdoch, to step into the sole chairman position at both companies.
In a letter shared with staff overnight, the elder Murdoch declared he will transition into the role of chairman emeritus at both firms, saying “the time is right” to vacate the top job at one of the world’s most influential media organisations.
The announcement comes after years of heated speculation over the future leadership of News Corp and Fox Corporation, and heralds a new era for Lachlan, who has presided over Fox Corporation as executive chair and chief executive officer since 2019.
ABOUT THE AUTHOR
Handpicked for you
Why family businesses shouldn’t run like the one on Succession
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.