Rupert Murdoch steps down from the boards of Fox and News Corporation and his son Lachlan Murdoch is in charge of the business, the company announced in a statement.
Rupert Murdoch, 92, to become president emeritus of both companies and will continue to offer advice.
The news garnered media attention as Murdoch appeared to have no intention of resigning or reducing his activities, even with his son Lachlan named as operational heir to the empire since 2019.
Lachlan Murdoch released a statement congratulating his father and the legacy he left behind in his hugely influential companies:
“On behalf of the FOX and News Corp boards of directors, the leadership teams and all the shareholders who have benefited from their hard work, I congratulate my father on his remarkable 70-year career.“said Lachlan Murdoch. “We thank him for his vision, his pioneering spirit, his steadfast determination and the lasting legacy he leaves to the companies he founded and the countless people he has impacted. “We are grateful that he will serve as Chairman Emeritus and know that he will continue to provide valuable advice to both companies.”
Upon announcing his transition to the new position of chairman emeritus of Fox Corporation and News Corp., Murdoch Sr. wrote: “Throughout my professional life, I have been engaged daily with news and ideas, and that will not change”.
Rupert Murdoch informed his colleagues in a letter about his decision and noted that he was in good health. He will officially transition in November and his son Lachlan will become the sole chairman of both companies.
“I am writing to inform you that I have decided to transition to the position of President Emeritus of Fox and News“Wrote Murdoch Sr.
And I add: “It’s the right time to take on different roles, knowing that we have truly talented teams and a passionate and principled leader in Lachlan, who will become the sole chairman of both companies. Neither excessive pride nor false humility are admirable qualities, but I am truly proud of what we have achieved collectively over the decades, and I owe a lot to my colleagues, whose contributions to our success have sometimes not been seen outside the company. , but I appreciate them deeply.”
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