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“I look forward to returning home to Australia with my wife, Sarah,
and son, Kalan, in the very near future. I would like especially
to thank my father for all he has taught me in business and in life.
It is now time for me to apply those lessons to the next phase of
my career.”
Rupert Murdoch said: “I am particularly saddened by my son’s decision
and thank him for his terrific contribution to the company, and
also his agreement to stay on the board and advise us in a number
of areas. I have respected the professionalism and integrity that
he has exhibited throughout his career at News Corporation.
“His achievements include driving all of his reporting divisions
to record profits and the New York Post to its highest-ever circulation.
I am grateful that I will continue to have the benefit of Lachlan’s
counsel and wisdom in his continued role on the Company’s board.”
33-year-old Lachlan joined News Corp in 1994 and has served in
various capacities, most recently as deputy COO of News Corp and
publisher of the New York Post.
Lachlan's departure potentially opens the door for News Corp president
and COO Peter Chernin to some day take over from Murdoch as chairman,
a possibility few took seriously till now. With Lachlan out, Rupert
Murdoch remains the only family member on the executive board. What
now remains to be seen is whether younger brother James will be
inducted on to the board to replace Lachlan. James, 32, is CEO of
UK-based BSkyB.
While some US-based media analysts have pointed to the possibility
that the development "could solidify Chernin's role'', indiantelevision.com
is of the considered view that when push finally comes to shove,
Murdoch is more likely to go with the dictum of blood being thicker
than water.
And as was the case with BSkyB CEO Tony Ball who had to make way
for James at the helm of UK's most successful pay broadcaster, it
looks difficult to visualise a similar scenario not unfolding when
Murdoch's youngest son is "good and ready".
We would certainly not mind being proved wrong on this one though.
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