Leadership Transfer At Fox

Rupert Murdoch called his son Lachlan a “principled leader” poised to navigate a changing media landscape as the 52-year-old executive and dealmaker took the helm at News Corp on Wednesday.

Confirming a transition plan that was revealed in September, 92-year-old Rupert Murdoch moved to the new role of chairman emeritus during News Corp’s annual shareholder meeting.

The NY Post reports He will assume the same position at Fox when their shareholders meet Friday.

Meanwhile, Lachlan Murdoch officially became sole chair of News Corp and will become the executive chair and chief executive of Fox.

“Lachlan is a principled leader, and a believer in the social purpose of journalism. I hope to continue an active role in the company,” Rupert Murdoch said during the company’s annual shareholders meeting.

Murdoch cited his own father, Sir Keith Murdoch, a journalist who started the family’s media empire in Australia.  “Like my father, I believe that humanity has a ‘high destiny,’ and Lachlan certainly shares that belief. That sense of destiny is not just a blessing but a responsibility,” he said.

The new roles were first announced by the companies in late September.