Murdoch confirms plan to hand over 21st Century Fox
reins to James - 17th June 2015
sons: Lachlan, Rupert and James Murdoch. Photo: Getty
Murdoch has confirmed he will hand over the chief
executive reins at the entertainment conglomerate
21st Century Fox to his 42-year-old son James.
Murdoch, 84, who controls Fox through a trust that
owns roughly 38 percent of the voting shares, will
become executive co-chairmen, along side his elder
is currently the co-chief operating officer of the
Murdoch lieutenant Chase Carey, who has been Fox's
deputy chairman, president and chief operating officer
since 2009, will become the executive vice chairman,
but only stay in that role for a year.
company said the new changes would be effective July
conjunction with these changes, the company's corporate
functions, and its global television and film operations
will now jointly report to Lachlan and James Murdoch,"
a 21st Century Fox statement said.
the statement, Rupert Murdoch said the changes provided
stability for the company.
has always been our priority to ensure stable, long
term leadership for the company, and these appointments
achieve that goal," Mr Murdoch said.
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
Murdoch also thanked Mr Carey for his time at the
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."