Rupert Murdoch Steps Down As Chairman Of Fox And News Corp
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His son Lachlan Murdoch will become the sole chairman of both companies.
Media mogul Rupert Murdoch, 92, announced on Thursday that he is stepping down as chairman of Fox and News Corp, BBC reported. His son Lachlan Murdoch will become the sole chairman of News Corp and continue as the chair and CEO of Fox. The elder Murdoch will now lead the two businesses as chairman emeritus, the New York Times reported. BREAKING: My boss Rupert Murdoch is retiring. pic.twitter.com/vpgHUfNnx6
''For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But 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,'' Mr. Murdoch wrote in a memo to employees, as reported by CNN.
''Neither excessive pride nor false humility are admirable qualities. But 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,'' he wrote.
