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James will succeed father Rupert Murdoch as CEO of 21st Century Fox on 1 July

MUMBAI: Media baron Rupert Murdoch has got his younger son James Murdoch to be the chief executive officer of 21st Century Fox.

255px-James MurdochStepping down as CEO of his media and entertainment conglomerate, Rupert has his elder son Lachlan Murdoch becoming executive co-chairman, alongside him.

The changes will take effect from 1 July.

Meanwhile, Chase Carey, who has been deputy chairman, president and COO since 2009, will become the executive vice chairman and serve in that role till his contract expires on 30 June 2016.

The senior management changes were announced by the board on Tuesday.

Rupert-MurdochRupert Murdoch said, “It has always been our priority to ensure stable, long term leadership for the company, and these appointments achieve that goal. Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry.”

“I can’t thank Chase Carey enough for his friendship, counsel and leadership over the past decades. He will be actively engaged in supporting Lachlan and James as they step in to their new roles,” he added.

While Rupert Murdoch was looking at the succession plan since some time, the first hint was given last year with when the company appointed Lachlan as the non-executive co-chairperson and James was elevated to the position of co-chief operating officer.

With Carey staying on in an advisory role, investors are at ease. Carey said, “I am grateful to Rupert for giving me the opportunity of a lifetime and truly believe there isn’t a company out there that’s more exciting, with more growth potential, than 21st Century Fox. I look forward to continuing to work with Rupert to support Lachlan and James in their new positions.”

Rupert’s two sons will jointly run the company, much as Rupert and Carey had done in the last few years.

Lachlan_MurdochIn a joint statement, Lachlan and James said: “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.

“We are grateful to Chase for being the leader and partner that he has been, and we are both delighted that his wisdom and sure handedness will continue to serve 21st Century Fox. We are also grateful to the Board for providing us the opportunity to lead this great company.

“Most importantly, we each look forward to working with the entire team of creators, executives, artists and all of our colleagues that make up our global businesses, to steer the Company into the future, and to drive continued value for our shareholders.”

James will remain in New York while Lachlan will be based in Los Angeles.

21st Century Fox lead director Rod Eddington said, “The board has long been focused on succession and we’re fortunate to have two very talented executives in Lachlan and James to take this company into the future. Working in tandem with Rupert, we’re confident their partnership and stewardship will give this business real momentum for many years to come. We are also deeply grateful to Chase Carey for his many years of exceptional leadership and his agreement to continue his contributions through his new position.”

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