After many years of being a CEO, 84-year-old Rupert Murdoch has finally decided to step down from his position at 21st Century Fox.

 

On Tuesday, the news was made official that Murdoch will finally retire his title of CEO. Earlier that day, Fox’s board in New York approved the changes in management that will be effective next month.

 

On July 1, Murdoch’s son, James, will be taking over as chief executive of the company. However, Murdoch doesn’t plan on leaving completely. He is set to share the title of executive co-chairman with his son, Lachlan. Despite Murdoch being at retirement age, he refuses to leave the company.

 

Photo of James Murdoch in a jacket and tie.

Rupert Murdoch’s resignation leaves his son James to take the reigns and continue leading the company. (thedailybeast.com)

Murdoch’s decision to put James in charge came as quite a surprise to many, seeing as many felt Lachlan was the son most likely to be chosen for the position. In 2011, James was caught up in a phone-hacking scandal that occurred at the British Sunday tabloid, News of the World. As a result of this scandal, James felt the need to resign from his chairman position at the British broadcasting company, BSkyB. It was after this resignation that many believed he lost his shot at his father’s job.

 

 

Although only one of the brothers can hold the title of CEO at 21st Century Fox, they made a statement together on leading the company as a family:

“We are both humbled by the opportunity to lead with our father and the talented team of executives at 21st Century Fox, this extraordinary company.”

 

It will be interesting to see if many changes are made with the original CEO still holding a major position. Murdoch may still pull strings from behind the scenes, despite not holding his former title. Hopefully, the Murdoch brothers will be able to bring fresh ideas and a younger generation’s touch to the company without pressures from their father.

 

Does James Murdoch have what it takes to be the newest CEO? What changes will we see at the company? Leave a comment or talk to me on Twitter @Karbowski_Devon.