Rupert Murdoch Steps Down as Chairman of Fox and News Corp.
After seven decades at the helm of a media empire, Rupert Murdoch is stepping down as chairman of Fox and News Corp., effective this November. His eldest son, Lachlan Murdoch, will replace him.
"For my entire professional life, I have been engaged daily with news and ideas, and that will not change," Rupert, 92, wrote in a memo to staff. "But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies."
He added, "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."
Rupert will continue to counsel his son and the companies, according to Lachlan. "On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career," Lachlan said of his father 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."
Who would inherit the Murdoch media empire was subject of much speculation in recent years, with Lachlan and his brother, James, being positioned as competitors. Succession, the hit HBO drama that ended earlier this year, was inspired in part by the Murdochs, leading many to respond to the news today by sharing the Kendall Roy quote: "I am the eldest boy!"
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