Rupert Murdoch, 92, is stepping down as chairman of Fox and NewsCorp after 70 years – with his son Lachlan set to take over
Rupert Murdoch has announced he is stepping down as chairman of Fox and News Corp after 70 years.
The 92-year-old billionaire will take on the new role of chairman emeritus, with his son Lachlan becoming sole chairman of both companies.
In a statement, Lachlan said: “On behalf of the boards of FOX and News Corp, the executive teams and all shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career.”
“We thank him for his vision, his pioneering spirit, his unwavering determination and the lasting legacy he leaves to the companies he founded and the countless people he influenced.”
“We are grateful that he will serve as Chairman Emeritus and know that he will continue to serve as a valuable advisor to both companies.”
Rupert Murdoch will take on the new role of chairman emeritus, with his son Lachlan as sole chairman of Fox and News Corp. becomes
A spokesperson confirmed Lachlan’s new role will begin after the annual general meeting in mid-November.
The media mogul entered the newspaper business in the 1950s and became a major Hollywood executive in 1985 when he bought Twentieth Century Fox from oil major Marvin Davis for $600 million.
In a memo to employees, Murdoch wrote: “Throughout my professional life, I have engaged with news and ideas on a daily basis, and that will not change.”
“But now it’s time for me to take on other roles as I know we have really talented teams.”
This is a developing story.