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Rupert Murdoch Stepping Down as Fox Corp, Fox News Corp Chairman

Rupert Murdoch announced that he will be stepping down as Fox Corp & Fox News Corp chairman, with his son, Lachlan Murdoch, set to take over.

Let the speculation about the futures of Fox Corp. and Fox News Corp. begin! The next few months will be interesting ones when it comes to the fates of Fox News Channel, The Wall Street Journal, and the UK's The Times & The Sun now that Rupert Murdoch has announced that he will be stepping down as head of both companies. The move would see Rupert Murdoch assuming an emeritus role, with his son, Lachlan Murdoch, taking over as chairman of both companies (once approved by the shareholders of each company in a November vote). "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," Lachlan Murdoch shared in a statement when the news was first announced. "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."

"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. 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 Murdoch wrote in a memo to his staff, announcing the news. But even in his role as chairman emeritus, the 92-year-old made it clear that he still intends to maintain an active role in how both companies move forward. "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," Murdoch added.

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