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In a recent press release reveals that Rupert Murdoch is stepping down from his role as chairman of both Fox Corp and News Corp. This significant leadership transition is set to take effect at the upcoming Annual General Meetings of Shareholders in mid-November.
Lachlan Murdoch to Take the Helm
Following these crucial meetings, Lachlan Murdoch, a prominent figure within the Murdoch family, will ascend to the position of sole Chairman of News Corp. Notably, he will continue to hold the titles of Executive Chair and Chief Executive Officer at Fox Corporation.
Rupert Murdoch Assumes Emeritus Role
Rupert Murdoch, in recognition of his long-standing contributions and legacy, will be appointed Chairman Emeritus at both companies. Thus, the honorary title is a testament to his substantial impact on the media industry.
Lachlan Murdoch Expresses Gratitude
Lachlan Murdoch conveyed his appreciation, saying, “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.” He further acknowledged Rupert Murdoch’s vision, pioneering spirit, and unwavering commitment, emphasizing the enduring legacy he leaves behind.
“We thank him for his vision. His pioneering spirit, and 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. Moreover, he will continue to provide valued counsel to both companies.”
This transition marks the end of an era in media leadership. Thus, as Rupert Murdoch takes a step back, leaving a lasting mark on the media landscape.
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
