James Murdoch-Led Executive Team to Take Control of Fox in July

Chase Carey will stay aboard as executive vice chairman through June 30, 2016

Last Updated: June 16, 2015 @ 5:38 PM

The 21st Century Fox shakeup has officially been slated for July 1, when James Murdoch will take over for father Rupert Murdoch as CEO.

James ‘ brother, Lachlan Murdoch, will join Rupert as executive co-chairmen, as previously reported. Meanwhile, longterm Chief Operating Officer Chase Carey will take on the executive vice president title, which he will serve out through June 30, 2016.

As a result of the shakeup, the company’s corporate functions and its global television and film operations will now jointly report to Lachlan and James.

“It has always been our priority to ensure stable, long term leadership for the company, and these appointments achieve that goal,” Rupert Murdoch stated. “Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry.

“I can’t thank Chase Carey enough for his friendship, counsel and leadership over the past decades,” he added. “He will be actively engaged in supporting Lachlan and James as they step in to their new roles.”

“I am grateful to Rupert for giving me the opportunity of a lifetime and truly believe there isn’t a company out there that’s more exciting, with more growth potential, than 21st Century Fox,” Carey said. “I look forward to continuing to work with Rupert to support Lachlan and James in their new positions.”

In a joint statement, Lachlan and James said: “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.

“We are grateful to Chase for being the leader and partner that he has been, and we are both delighted that his wisdom and sure handedness will continue to serve 21st Century Fox,” they continued. “We are also grateful to the Board for providing us the opportunity to lead this great company.”

The brothers concluded: “Most importantly, we each look forward to working with the entire team of creators, executives, artists and all of our colleagues that make up our global businesses, to steer the Company into the future, and to drive continued value for our shareholders.”