21st Century Fox has finally confirmed that, starting July 1, James Murdoch will succeed his father as chief executive, with Rupert Murdoch and acting co-chairman Lachlan Murdoch to become executive co-chairman. It has long been reported that James would take the reigns after his 84-year old father, though the appointment and its timing are only now official.
It has long been reported that James would take the reigns after his 84-year old father
“It has always been our priority to ensure stable, long term leadership for the Company, and these appointments achieve that goal,” said the outgoing Rupert Murdoch in a statement. “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.”
Rupert Murdoch suggested a week before the announcement hit that his intentions were to slim down his role at the company, which he bought first in 1985 and has since shepherded on to stratospheric heights, with a market cap of $66bn at last count. The shake-up will see James Murdoch supported on all sides by experienced personnel, though he himself is well qualified to take the helm, having served as chairman of BSkyB for five years and as CEO of Fox International recently.
James will take charge at a turbulent time for the industry, with streaming services snatching market share away from their more traditional counterparts and competitors Warner Bros and Disney each having had a successful year so far. Since the start of the year, the company’s shares have slumped near on 13 percent, though the price is twice that of its June 2010 equivalent.