NEWSRupert Murdoch, 92, Stepping Down as Chairman of Fox Corporation and News Corp.
Sep. 21 2023, Published 9:59 a.m. ET
Rupert Murdoch is moving on. On Thursday, September 21, the businessman announced he's stepping down as chairman of Fox Corporation and News Corp.
"I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News," Murdoch wrote in a memo to his employees. "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. 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."
Rupert Murdoch announced he's stepping down on September 21.
"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. Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years — I certainly am, and plan to be here to participate in them," he continued.
Rupert is handing the reins over to his son Lachlan Murdoch, who will become sole chairman of both companies. Rupert, 92, praised Lachlan, calling him “a passionate, principled leader.”
It doesn't seem like Rupert will be stepping away completely though, as he noted, "in my new role, I can guarantee you that I will be involved every day in the contest of ideas."
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Rupert Murdoch's son Lachlan will take the reins.
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Rupert Murdoch is well known in the media world.
For his part, Lachlan gushed over his father's incredible leadership skills.
"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 said. "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."
Rupert Murdoch was previously married to Jerry Hall.
Rupert has made a name for himself as a media mogul, as he took over the New York Post, the Village Voice and more in the U.S. He also united several TV stations under the umbrella of Fox Corp. and later Fox News.
