Rupert Murdoch Discusses Sons' Promotions in 21st Century Fox, News Corp Memos
Rupert Murdoch on Wednesday explained the elevation of his sons James Murdoch and Lachlan Murdoch at 21st Century Fox and News Corp in memos to the staff of his two companies.
"This evolution of our leadership team underscores the considerable planning that both the company and the board have undertaken to ensure a vibrant future for 21st Century Fox and its shareholders," he wrote to Fox staff.
He also highlighted that he expects increased collaboration between his two sons.
Earlier Wednesday morning, Fox said it has promoted James Murdoch from deputy COO to co-COO and Lachlan Murdoch from a regular board member to non-executive co-chairman.
At News Corp, Lachlan Murdoch will also take on the same role, which tends to be more of a long-term strategic thinking and planning role.
Read Rupert Murdoch's Fox and News Corp memos on the changes below.
Murdoch's memo to 21st Century Fox staff:
Today we announced Board and Executive leadership changes, which include Lachlan Murdoch’s appointment to Non-Executive Co-Chairman and James Murdoch’s elevation to Co-Chief Operating Officer. Chase and I made the announcement jointly just minutes ago.
This evolution of our leadership team underscores the considerable planning that both the Company and the Board have undertaken to ensure a vibrant future for 21st Century Fox and its shareholders. Our management team has always been one of our core strengths, and there is no doubt that we become even stronger by building on James’ and Lachlan’s collaboration. Our partnership places us in an excellent position to drive our businesses forward for years to come.
And while the senior leadership team and the Board can set the corporate agenda, it is the work that all of you embark on each day that truly sets us apart from the pack. I am forever grateful for your contributions.
Please join me, Chase and the Board in congratulating Lachlan and James on their appointments.
[Signed Rupert Murdoch]
Murdoch's memo to News Corp staff:
We have today announced that Lachlan Murdoch will be taking on an elevated role as Non-Executive Co-Chairman of News Corp, adding strength and insight to our leadership team at a time of great opportunity and challenge for our company.
I asked that the new News have the sensibility of a start-up and that we focus on creative teamwork as we develop our core businesses, and I am proud of the efforts you have made in recent months, under the leadership of Robert Thomson. Our ability to generate compelling ideas and identify investment opportunities gives me much confidence about the trajectory of the company.
I have no doubt that Lachlan's strategic sense and his passion for media and for knowledge will greatly assist Robert and me as we lead the company over the coming decade. But I will also need your energy and creativity and commitment as we seek to redefine the role of media in the digital age and develop all of our businesses around the globe. And, as we strive to build our businesses and to improve our societies, we must always be passionate, principled and purposeful.
Please join me in congratulating Lachlan, who will make a great contribution in ensuring the new News is an even more successful force for good.
[Signed Rupert Murdoch]