21st Century Fox CEO Rupert Murdoch, COO Chase Carey to Step Down
Murdoch’s son James will take over as top executive in title, partnering with brother Lachlan
Tony Maglio | June 11, 2015 @ 7:20 AM
Last Updated: June 11, 2015 @ 8:18 AM
Rupert Murdoch is set to step down from his post as CEO at 21st Century Fox, handing the reins and title over to his son James.
The 84-year-old media mogul will continue on as executive chairman of Fox, while other son Lachlan becomes an executive co-chairman, according to a CNBC report. The two brothers are expected to lead in tandem.
Additionally, Chase Carey will step down as chief operating officer, staying on in an advisory role. Carey succeeded Peter Chernin as COO in 2009.
An official announcement is expected soon, though the effective date is still somewhat up in the air. The reorganization could occur this year, or early in 2016.
A 21st Century Fox spokesperson told TheWrap: “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.”
Rupert Murdoch controls 39.4 percent of the voting shares at Fox through the Murdoch Family Trust.
Stock in 21st Century Fox (FOX) slipped just a bit on Thursday following the breaking news. At the time of this writing, (FOX) had slid $0.14 per share, or a mere -0.43 percent.
Here’s Thursday’s trading graph:
Sun Valley 2013: Jeff Bezos, Rupert Murdoch, Sheryl Sandberg Hit the High-Level Conference (Photos)
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Facebook COO Sheryl Sandberg, who authored the buzzy best-seller "Lean In" when not cooking up new ways to "like" and "share" the company into greater profits, was almost a bigger draw than her boss, Mark Zuckerberg.
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Viacom CEO Philippe Dauman is on hand to represent the film and television industry and rub elbows with the tech pioneers who are disrupting old business models.
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Sony Corp. CEO Kazuo Hirai and his predecessor Howard Stringer hit the conference. The technology giant is trying to swat away suggestions by activist investor Daniel Loeb that it spin-off its entertainment business.
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The captains of Hollywood and Silicon Valley descend on the Idaho resort
IAC/InterActiveCorp Chairman Barry Diller and wife and fashion designer Diane von Fürstenberg hit the trails. Aereo, IAC's antennae-based streaming service, was sued this week by an ABC affiliate in Boston, which claims Aereo illegally restransmits its signal.
