The magnate Rupert Murdoch announced this Thursday that he is retiring as president of the media conglomerate Fox and News Corporationleaving the reins of the business to his son Lachlan.
The Australian naturalized American, 92 years old, He will leave his position in Novemberwhen both firms hold their general meeting of shareholders, indicates a press release from both companies.
After these general shareholders meetings, Lachlan Murdoch52 years old, will become sole chairman of News Corp and continue as executive chairman and chief executive officer of Fox Corporation.
“On behalf of the FOX and News Corp boards of directors, the leadership teams and all shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch.
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He also expressed his gratitude for “his vision, his pioneering spirit, his steadfast determination and the lasting legacy he leaves to the companies he founded and the countless people he has impacted.”
Lachlan Murdoch noted that his father will serve as “chairman emeritus, and we know he will continue to provide valuable advice to both companies.”
After the announcement, the main pages of the Fox News network and The Wall Street Journal, both part of News Corp, opened with the news, and cited the letter sent by Murdoch to his employees.
Throughout my professional life, I have been involved every day with ideas and news, and that will not change,” the magnate said in his message.
Murdoch also said that “the health of both companies is as robust as mine,” while noting that he is “optimistic about the coming years” and plans to “be in on it.”
At the time that the magnate’s decision was known, Fox shares fell 1.51% to $30.68 per share and News Corp shares rose 0.66% to $19.80.
Murdoch will leave his post after a series of controversies, one of the most notable being the recent multimillion-dollar agreement to resolve a defamation lawsuit against Fox News for accusing the company Dominion Voting Systems, which sells voting machines, of electoral manipulation after the defeat of Donald Trump (2017-2021).
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