Business mogul Rupert Murdoch has stepped down as chairman of Fox Corp and News Corp and announced his retirement.
The news broke on social media with Murdoch quoting that “the time is right for me to take on different roles.”
Rupert Murdoch’s always seen himself as an outsider, bristling against the establishment elite – and true to form his resignation letter reads:
“Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cohoots with those elites” pic.twitter.com/NCH4S4zMsj
— Tom Boadle (@TomBoadle) September 21, 2023
His announcement means that his son, Lachlan Murdoch, will become sole chairman of News Corp and will continue his role as Fox’s executive chair and CEO.
Rupert Murdoch believes that he is leaving the best people in place to continue the brands and his legacy. He said: “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.
Axelle/Bauer-Griffin/FilmMagic/Getty Images
A statement by Lachlan Murdoch begins: ” In my new role, I can guarantee you that I will be involved every day in the contest of ideas.”
This is a breaking news story and will be updated.