Rupert Murdoch to step down as chairman of Fox and News Corp

The media mogul will maintain the position of "chairman emeritus." His son, Lachlan, will be his successor as sole president of both companies.

Media mogul Rupert Murdoch announced in a statement that he will step down as chairman of Fox Corporation and News Corp after a 70-year career.

Murdoch , 92, revealed that he will resign from his duties in November (maintaining the position of "chairman emeritus"), and announced that his son, Lachlan, will take over his duties, becoming the sole president of both companies:

I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News (...) For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But 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. Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.

Murdoch reported that he was in good health and will continue to be "involved" in the business:

In my new role, I can guarantee you that I will be involved every day in the contest of ideas. ... Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication. Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them.

Lachlan Murdoch's statement

Rupert Murdoch's son, Lachlan Murdoch, will be his successor. In an emotional message, he congratulated his father for "his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded":

On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career (...) We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.