Chief executive officer of 21st Century Fox Inc., Rupert Murdoch, will step down and will allow his son James to take over his post at the $70bn media empire.
The 84-year-old media mogul will remain chairman and another son, Lachlan, will start to work as the co-executive chairman.
“Mr. Murdoch will continue to be the executive chairman of Fox, while his son Lachlan would also become an executive co-chairman of the company…while James Murdoch would take over the day-to-day management of Fox, he will work in tandem with his 43-year-old brother Lachlan and his father,” a company spokesperson told CNBC.
“The matter of succession is on the board of director’s agenda at its next regularly scheduled meeting,” the spokesperson stated.