Advertisement
UK markets closed
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • CRUDE OIL

    82.99
    +1.64 (+2.02%)
     
  • GOLD FUTURES

    2,242.90
    +30.20 (+1.36%)
     
  • DOW

    39,798.21
    +38.13 (+0.10%)
     
  • Bitcoin GBP

    56,194.16
    +1,767.96 (+3.25%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • NASDAQ Composite

    16,381.96
    -17.56 (-0.11%)
     
  • UK FTSE All Share

    4,338.05
    +12.12 (+0.28%)
     

Murdoch To Step Down As Fox CEO In Two Weeks

Rupert Murdoch is to step down as chief executive of 21st Century Fox in two weeks.

The 84-year-old will hand over the job to his son James, who is currently the group's co-chief operating officer, on 1 July.

Mr Murdoch will remain as an executive co-chairman, a job he will share with his eldest son Lachlan.

Meanwhile, Chase Carey, the company’s deputy chairman, president and COO since 2009, will become the executive vice chairman and will serve in that role through to 30 June, 2016.

21st Century Fox has a 39% stake in Sky plc (Other OTC: BSYBF - news) , the owner of Sky News.

Rupert Murdoch said: "It has always been our priority to ensure stable, long-term leadership for the Company, and these appointments achieve that goal.

ADVERTISEMENT

"Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry."

He added: "I can’t thank Chase Carey enough for his friendship, counsel and leadership over the past decades. He will be actively engaged in supporting Lachlan and James as they step in to their new roles."

In response to the reshuffle Mr Carey said: “I am grateful to Rupert for giving me the opportunity of a lifetime and truly believe there isn’t a company out there that’s more exciting, with more growth potential, than 21st Century Fox.

"I look forward to continuing to work with Rupert and to support Lachlan and James in their new positions.”

Lachlan and James, in a joint statement, said: “We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox.

We are grateful to Chase for being the leader and partner that he has been, and we are both delighted that his wisdom and sure handedness will continue to serve 21st Century Fox. We are also grateful to the Board for providing us the opportunity to lead this great company.”

“Most importantly, we each look forward to working with the entire team of creators, executives, artists and all of our colleagues that make up our global businesses, to steer the company into the future, and to drive continued value for our shareholders.”

When reports of the news broke last week Sky News Business Presenter Ian King said: "Crucially - people get very worked up about these things - Rupert Murdoch will remain as executive chairman of 21st Century Fox, and that will remain the most senior position.

"But this, nonetheless, will be taken by people on Wall Street as a sign that Mr Murdoch is preparing to hand over the reins to James Murdoch."

21st Century Fox shares were little changed, down 0.28% on confirmation of the news.