Rupert Murdoch is retiring from his role as chairman at both Fox Corp. and News Corp., and his son Lachlan will take his place.
Murdoch will become Chairman Emeritus of each company while his son becomes the sole chair of News Corp. and maintains his role as executive chair and CEO of Fox Corp. The changes will be effective mid-November, following an upcoming annual shareholders meeting.
“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 in a statement. “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.”
In a memo to his Fox colleagues, Murdoch wrote, “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 leader in Lachlan who will become sole Chairman of both companies.”
However, he assured Fox that he would still “be involved every day in the contest of ideas.”
Murdoch continued “The battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
The 92-year-old media mogul’s departure comes after a tumultuous year for Fox Corp., which agreed to pay a $787.5 million settlement for Dominion Voting Systems’ defamation lawsuit.
Additionally, Fox News’ top anchor, Tucker Carlson was ousted from the network earlier this year.
