News mogul Rupert Murdoch is officially stepping down as chairman of News Corp (NASDAQ:NWS) and Fox, ending a career spanning seven decades, four marriages, and millions of dollars of Republican Party donations.
His son Lachlan Murdoch, who has long been groomed to take the mantle on his father’s retirement, will take over as News Corp (NASDAQ:NWS) chairman while maintaining his role as chief executive of Fox.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch Snr wrote in a letter to colleagues.
“But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole chairman of both companies.
“Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.
“Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them.”
By far the most influential, and most controversial, figure in news media history, Rupert Murdoch will become chairman emeritus of both companies, an honourary title precluding any voting, attendance or other rights.
At 93, he is still of suitable age to run for US Congress, though unfortunately, his Australian birthplace makes him ineligible.