Murdoch’s heir quits News Corp |
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Sat, 30 Jul 2005 10:05
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NEW YORK: In a surprise move, Lachlan Murdoch who was widely regarded as news baron Rupert Murdoch's successor at the News Corporation has decided to relinquish his executive posts at the company and return to Australia with his family.
Lachlan's resignation is a severe blow to Rupert Murdoch, 74, who was said to favor his eldest son as his heir. His refusal now leaves the field wide open for James R. Murdoch, who currently operates the British satellite-TV operation, and Peter Chernin, the president and chief operating officer at News Corporation, to fight it out for the right to lead one of the world's largest media conglomerates.
Announcing his decision, Lachlan said in a statement, "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." He added that he would quit at the end of August, but would remain closely associated with the company's board.
Rupert Murdoch reacted by saying that he was saddened by Lachlan's decision, but that he respected it. He added that he thanked Lachlan for "his terrific contribution to the company, and also his agreement to stay on the board and advise us in a number of areas."
News Corporation is the world's largest media company and is operated like a well-oiled machine by Murdoch. It is estimated that the company's assets are worth about $48 billion (£27 billion).
Rupert Murdoch has made it clear on numerous occasions that he would like one of his sons to succeed him. With Lachlan's departure, James Murdoch is the only son who continues to occupy an executive position in his father's empire.
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