21st Century Fox, the famous American multinational mass media corporation has announced that Rupert Murdoch, CEO will leave his position to his son James Murdoch starting July 1.
According to the announcement, Rupert will still have leading position as he will become executive co-chairman of the company along with his son Lachlan, who is currently the co-chairman at 21st Century Fox.
Rupert Murdoch, 84, said stated that his sons will try their best to take the company to a new level of growth.
Murdoch will still have the final say in the company, which owns both 20th Century Fox film studio and Fox News.
According to the company officials, Chase Carey will stay in the company for one more year to help James and Lachlan Murdoch in their new leading positions.
On Tuesday, the 21st Century Fox board made James the new CEO and his brother was promoted as the new executive co-chairman.
The company board named Carey executive vice chairman.
The promotion of both James and Lachlan was expected, and they will be taking on Carey’s duties.
According to Fox, all corporate functions, including film divisions and television will now report to the Murdoch brothers.
Company sources report that James and Lachlan have a good relationship and try their best to view and approach the business as partners.
However, some believe that reporting to both of them might be a little confusing at first.
Carey stated that he will remain with the company to help the Rupert Murdoch’s sons and support them in their new positions.
Investors agree with this because they want a non-family member to still be in charge of Fox.
Carey has been the president of the company and COO since 2009, and will remain as executive vice chairman until June 30, 2016, when his contract expires.
Shareholders did not support the fact that James and Lachlan will be in charge of Fox.
In 2013, most of the independent investors vote against the Murdoch brothers as directors.
Rupert Murdoch said in a statement that the company’s priority is to ensure a stable and long-term leadership.
Image Source: scmp