News Corp (NASDAQ:NWSA) and Twenty-First Century Fox Inc (NASDAQ:FOXA) have named Lachlan Murdoch, 42, as non-executive co-chairman. It’s been nine years since he resigned at the old News Corp, according to The Wall Street Journal. Currently his father Rupert Murdoch remains chairman and CEO of Twenty-First Century Fox and executive chairman of News Corp.
Twenty-First Century Fox Inc (NASDAQ:FOXA) said today that James Murdoch has also been appointed its co-chief operating officer. In the past, he was the company’s deputy chief operating officer, chairman and CEO.
Lachlan Murdoch could succeed his father
Many believed that James Murdoch would take over News Corp (NASDAQ:NWSA) after Lachlan Murdock went into the private equity business in 20015 after he left News Corp. Then in 2011, James Murdoch received the promotion to deputy chief operating officer of News Corp prior to its split with Twenty-First Century Fox Inc (NASDAQ:FOXA). Last year, News Corp revealed that it separate its publishing division from its television and film divisions, calling the new TV and film company Twenty-First Century Fox.
That made him the company’s third highest ranking executive. Before that, he headed up News Corp’s Asian and European businesses.
James Murdoch mishandles allegations
With the appointment of Lachlan and his return to what has essentially been the Murdoch family business, it appears as if he may be the new expected successor to their father, as his brother’s reputation has been tarnished. Many disapproved of how James Murdoch handled phone hacking allegations in the U.K., where a parliamentary committee questioned both James and Rupert, who is now 83 years old. They never faced any charges, however, and were never accused of wrongdoing in connection with those allegations.
James Murdoch’s partner at Twenty-First Century Fox Inc (NASDAQ:FOXA) is current Chief Operating Officer and President Chase Carey. He will also oversee the Fox Networks Group and also Twenty-First Century Fox’s interest in pay television services Star and Sky in Asia and Europe.