Rupert Murdoch hands Fox CEO job to son James
June 17, 2015 08:31
Rupert Murdoch's 21st Century Fox said its board approved a shakeup that puts the 84-year-old tycoon's son James in the chief executive job effective July 1.
The media-entertainment conglomerate's board approved the plan in which the Australian-born magnate would step down as CEO and become co-executive chairman with his other son, Lachlan.
The succession plan, which was leaked last week by sources close to the company, allows Rupert Murdoch to ease out of the day-to-day management of the group, with his sons sharing many of those tasks.
The statement said the company's corporate functions and its global television and film operations "will now jointly report to Lachlan and James Murdoch."
"It has always been our priority to ensure stable, long-term leadership for the company and these appointments achieve that goal," Rupert Murdoch said in the statement released yesterday.
"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."
The company has a range of film, broadcast and cable operations around the world and reaches some 1.8 billion people. It also has a 39 percent stake in the European satellite group Sky.
TOP STORIES
© 2024 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Feedback - About us - Terms of use - Grievances