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MUMBAI:
This is one exit which may open up the door for Rupert Murdoch's
36-year-old son James, who is currently chairman and CEO of
News Corp's businesses in Europe and Asia, to eventually take
charge.
News Corp president and COO and CEO of the Fox Group Peter
Chernin, the key lieutenant of Rupert Murdoch, is stepping
down on 30 June, the day his contract expires.
News
Corp. chairman and CEO Rupert said he would be "working
closely with Chernin for the next four months to ensure an
effective transition." But it is also obvious that Rupert
wants his children to run the company after he leaves.
Fox businesses will report directly to Rupert upon Chernin's
departure.
"Chernin
is a valued colleague and a trusted friend. There are few
executives, at any company, that combine his maturity, his
experience, and his skills as a communicator and leader -
I will miss him. It is understandable that at this stage in
his life he would want to do something new after serving News
Corporation and our shareholders so well for so long,"
Rupert said.
Commenting
on his departure, Chernin said, "This was a difficult
decision for me. Next week marks my 20th anniversary with
News Corporation and the company has been a huge part of my
life. During my years here I have had the great privilege
to work for one of the true visionary leaders of our time,
Rupert Murdoch. As a leader, he is unparalleled. He is bold,
entrepreneurial, innovative, creative and incredibly supportive.
As a partner and friend he has been inspiring, fascinating,
and most of all, tremendous fun.
I
will miss Murdoch and my colleagues deeply. But I have no
doubt they will continue to thrive without me."
Chernin
will launch a Fox-based production company later this year,
among other ventures. In addition, he will continue his efforts
as chairman of Malaria No More.
Chernin,
57, who joined News Corp in 1989, has served as president
and COO since October, 1996. During his two decades with the
Company, he headed both Twentieth Century Fox Filmed Entertainment
and, earlier, the Fox Broadcasting Company.
Chernin
is leaving News Corp. when the global economic downturn has
hammered the scrip amid advertising spending pressures.
Also
read:
Indiantelevision.com's
interview with News Corp COO Peter Chernin
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