Rupert Murdoch will reportedly step down from his position as CEO of media conglomerate 21st Century Fox. However, he will keep the company in the family, with his son James expected to be named CEO.
21st Century Fox hasn’t made it official yet, but sources close to the Murdoch family told CNBC of the decision. The announcement should come soon, but it’s not known if the company will wait until next year to start reorganizing.
Murdoch, 84, plans on staying on as executive chairman and his son Lachlan, 43, will be named an executive co-chair. Chief Operating Officer Chase Carey will also step down to take a role as advisor within the company, which he has been a part of since 2009.
With Carey leaving, that would leave the company without a non-Murdoch in a leadership role. Before Carey joined, News Corp. COO Peter Chernin had that role.
“James will have the primary role in running Fox while Lachlan will take on a broader strategic role from his co-chairman position,” a source told CNBC.
21st Century Fox finally changed its name to reflect the current century in April 2013 and had tried unsuccessfully to acquire Time Warner Cable in August 2014. It is also now a separate entity from the News Corp. publishing company. It now includes Fox TV Studios, 20th Century Fox, Fox Sports and BSkyB in Europe.
image via INFphoto.com
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