Influential 92-year-old Australian press baron turned global media tycoon Rupert Murdoch is stepping down as chairman of Fox Corp. and News Corp.
His shift to a ‘Chairman Emeritus’ role will reportedly be effective as of the companies annual meetings in November. His son, Lachlan Murdoch, will become the sole chairman of both companies.
It marks something of an end to his more than seven decades of creating a vast media empire that has changed the face of news and entertainment around the world, and made him one of the world’s most influential and controversial figures.
In a note to employees, Rupert Murdoch says: “Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.”
Lachlan Murdoch, aged 52, says in a statement: “we thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted.”
Lachlan confirms in his new role, his father “will continue to provide valued counsel to both companies.”
Source: The Wall Street Journal
