Rupert Murdoch is stepping down as chairman of both Fox Corp (NASDAQ: FOXA ) and News Corp (NASDAQ: NWSA ), effective at the upcoming Annual General Meetings of Shareholders in mid-November, the companies said today in a press release.
Following these meetings, Lachlan Murdoch will assume the role of sole Chairman of News Corp and will continue to serve as the Executive Chair and Chief Executive Officer of Fox Corporation.
Rupert Murdoch will be appointed Chairman Emeritus of both companies.
"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.
"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."
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