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Rupert Murdoch is stepping down as Fox and New Corp chairman, the companies announced today. His son, Lachlan, will take over the role at each company as Rupert moves into a chairman emeritus role. Rupert’s career at Fox began nearly 70 years ago in 1954. The new board moves will be effective as of the Annual General Meeting of Shareholders of each company in mid-November.
“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch in a statement. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
In a memo sent to staff, Rupert Murdoch said “the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.”
“I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me,” his memo continued. “Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication.”
Rupert, currently 92 years old, stressed that “our companies are in robust health, as am I.”
“Our opportunities far exceed our commercial challenges,” he wrote. “We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
As chairman emeritus, Rupert explained that he “will be involved every day in the contest of ideas,” adding, “Our companies are communities, and I will be an active member of our community. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas, and advice. When I visit your countries and companies, you can expect to see me in the office late on a Friday afternoon.”
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