Rupert Murdoch, will step down as the CEO of Twenty-First Century Fox Inc, and will hand over the reins to his son James Murdoch. These changes which were reported last week and was approved by the Fox board on Tuesday (16 June), will be effective from July 1.
Currently James is the co-chief operating officer, and has been associated with different leadership roles with the company.
Also, Murdoch’s older son, Lachlan Murdoch, 43, will be elevated from non-executive co-chairman to executive co-chairman. Lachlan Murdoch has an experience of building and investing in prominent television and also publishing businesses, and is currently with the News Corp as the co-editor, and also is the executive chairman of NOVA Entertainment.
"It has always been our priority to ensure stable, long-term leadership for the company and these appointments achieve that goal," Rupert Murdoch said in the statement.
The group owns the Fox studios in Hollywood, and Fox's television operations in the United States and around the world.
Lachlan and James Murdoch said in a joint statement: "We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company."