Rupert Murdoch has announced that he will be stepping down as News Corp’s chair.
Lead image L-R: Rupert Murdoch, Lachlan Murdoch.
The 92-year-old will be succeeded in the role by his eldest son Lachlan, who will also continue as executive chair and CEO of Fox Corporation.
“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,” said Rupert Murdoch.
“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.”
The Australian media baron’s long career started when he was 21 in Adelaide, taking over the running of the Adelaide News from his father Sir Keith Murdoch.
In 1964, he founded The Australian and acquired The Herald and Weekly Times. News Corp’s Australian media assets now include Melbourne’s Herald Sun, Sydney’s Daily Telegraph, Brisbane’s Courier Mail, Adelaide’s The Advertiser, the Hobart Mercury and Sky News Australia amongst others
In the 1960s, he started looking overseas and News of the World and The Sun before acquiring the then broadsheets The Times and The Sunday Times. In the 1970s, he expanded into the US, acquiring the New York Post and later the Wall Street Journal.
In 1996, he created Fox News, the 24-hour rolling coverage news channel that has gone on to have a significant impact on US and world politics.
“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.
“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.”
Rupert Murdoch has said that he will still be actively involved in the “contest of ideas”.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas. 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,” he said in a note to staff.
