Rupert Murdoch is stepping down from his media conglomerate.
After 70 years at the helm of Fox and News Corp., both companies announced the 92-year-old’s retirement on Thursday. Son Lachlan has been crowned his successor and the new sole Chair of News Corp.
Rupert Murdoch is set to step down after a shareholders meeting in November and will be appointed Chairman Emeritus of both companies.
“We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies,” Lachlan stated in the company announcement.
David Paul Morris/Bloomberg via Getty Images | Rupert Murdoch and Lachlan Murdoch at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 13, 2018.
At that time, Lachlan will assume his new role and continue to serve as Executive Chair and Chief Executive Officer of Fox Corporation. He’s held his current titles since 2019, when he took over operations after the company sold the majority of 20th Century Fox to the Walt Disney Company, per The New York Times. The deal was reportedly worth $71.3 billion, according to NPR.
Keep scrolling for more details about the new boss at the news giant.
Who is Lachlan Murdoch?
Lachlan Murdoch, 52, is Rupert Murdoch’s eldest son. He was born in London but grew up in the United States and graduated from Princeton University. He joined the family business at age 18, and by the time he was 34, he was one of the top th…..