Rupert Murdoch has announced he will be stepping down from his post as chief executive of 21st Century Fox in two weeks.
Murdoch’s son, James, will take over, leaving Rupert and his other son, Lachlan, as executive co-chairmen. Chase Carey, a career Murdoch man who has been the company’s deputy chairman, president and chief operations officer since 2009, will become executive vice chairman.
James will inherit the helm of a sprawling empire, controlling a range of cable television channels, news stations, and film companies – as well as a 39 per cent stake in Sky.
Rupert Murdoch is still executive chairman of News Corp, a sprawling news empire that owns such titles as The Times, The Sun, and the Wall Street Journal, as well as a host of Australian-based publications and Harper Collins.
Lachlan and James said in a joint statement:
We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox.