Rupert Murdoch has decided to resign from the executive boards of Fox Corporation and News Corporation, according to an announcement made on Thursday morning. This move places his son Lachlan Murdoch solely in charge of running the influential global media companies that Rupert built up over the past 70 years, starting from a small newspaper business in Australia.
The 92-year-old media mogul will now take on the role of chairman emeritus at both corporations, serving as an advisor. Murdoch has shown no signs of slowing down, even after appointing Lachlan as his successor for the family business empire back in 2019 when he sold off the entertainment assets to Disney.
Over his long career spanning three continents, Rupert Murdoch has had an immense impact, transforming norms and tastes in journalism, politics and popular culture in English-speaking countries. He exhibited a swashbuckling spirit, moving swiftly and aggressively – an approach that is now common in the business world. While Lachlan seems to have a firmer grip on control after his father’s resignation, there may still be a fierce battle ahead when Rupert passes away. Based on succession plans made nearly 20 years ago, his four grown children would have to negotiate who ultimately takes over.
Regardless of future conflicts, Rupert Murdoch has signaled Lachlan as his choice to lead. Even in an advisory role, he plans to offer active input and regular guidance, as stated to employees. His statement indicates he will continue shaping the business under Lachlan’s command as chairman emeritus.