Boston, MA 03/26/2014 (wallstreetpr) – Media and entertainment giants, Twenty-First Century Fox Inc (NASDAQ:FOXA) has today, appointed Lachlan Murdoch as the company’s, non-executive co-chairman on March 26.
Lachlan is the son of Rupert Murdoch, who is presently Chief Executive of the company. The company expects Lachlan, to help the senior company officials with developing new strategies and also to guide the overall corporate agenda.
Rupert on Lachlan’s new role:
Media mogul, Rupert Murdoch said “In this elevated role, Lachlan will help us lead News Corp forward as we expand our reach and invest in new technologies and markets around the world”, in an issued statement on Wednesday.
At loggerheads, 7 years ago:
Lachlan Murdoch was the deputy chief operating officer of News Corporation, a company that focuses on newspapers and publishing and was founded by his grandfather, around 7 years ago. He quit his role in the company then, after being at loggerheads with his father and also with the company’s senior officials. His sudden departure dashed his father, Rupert’s hopes that one day his son would take over as the CEO of the global media empire, which consisted of the Fox Television Network, the Twentieth Century Fox movie studio, many satellite broadcasters and also newspapers in Australia, Britain and the U.S.
Later roles:
After this incident, he went on to find his own private investment firm, Illyria Pty Ltd in Australia, which now owns many media assets in the country. He also happens to own about 9% of Australia’s third ranked television network, Ten Network Holdings Ltd. He has a share in the cricket franchise, Rajasthan Royals of the Indian Premier League.
Lachlan’s brother James has also been elevated to the post co-chief operating officer in the company. He was in the center of a phone hacking scandal involving British newspaper, News of the World, which eventually had to be closed in July 2011.
Lachlan, currently 42, is a director at News Corp and Twenty-First Century Fox Inc (NASDAQ:FOXA).
It is expected that this move will reflect in Twenty-First Century Fox Inc (NASDAQ:FOXA)’s future plans and prospects, as they look to undertake new and emerging markets in the near future.
