The 84-year-old chief executive officer and controlling shareholder of 21st Century Fox, Rupert Murdoch, is stepping down as CEO of the media giant.
According to sources close to the Murdoch family, Rupert will hand the reins to his son, James, with an announcement expected in the near future. His other son, Lachlan, will be promoted to executive co-chairman.
Murdoch will still be the controlling shareholder of the company, but will take the backseat role of executive chairman.
While there is no doubt that Rupert will still have the final say on any of the company’s big decisions and general strategy, there will be a big hole at the top if COO Chase Carey also steps down, which is currently being widely reported.
Carey is lauded by shareholders at Fox and is responsible for his management of the cable networks that the company owns.
All is up in the air at the moment, but there are definitely some interesting times ahead for both Fox and the Murdoch brothers.