Media mogul Rupert Murdoch, 84, plans to step down from the helm of 21st Century Fox, according to CNBC. He'll turn the reins over to son James, Fox co-president with Chase Carey.
The senior Murdoch will monitor the performance of his 42-year son in the capacity of executive chairman. He controls a 39.4 percent ownership stake in the TV/studio giant.
In reporting the story, CNBC cited various sources close to the Murdochs. A Fox spokesperson noted that succession planning will be a topic at an upcoming board meeting.
Lachlan Murdoch, 43, will join his father as executive chairman. He's now co-chairman of the board.
Carey will remain in the picture in an advisor role.
Murdoch To Pack It In
Thu., Jun. 11, 2015
By Kevin McCauley
Category: Media News
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