Rupert Murdoch, chairman and CEO of 21st Century Fox, plans to step down as CEO of the media company, according to CNBC.
In a widely anticipated move, the 84-year old mogul will hand the title to his son James, the report said, citing “numerous sources close to the Murdoch family.” James Murdoch is currently 21st Century Fox’s co-chief operating officer, sharing the title with company president Chase Carey.
“The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting,” company spokesman Nathaniel Brown said in an e-mail.
Murdoch, who is the company’s controlling shareholder, will stay on as the executive chairman of the board, a role that will continue to give him firm control of pressing corporate matters while his 42-year old son runs daily operations.
Murdoch’s eldest son, Lachlan, 43, would become an executive co-chairman of the company in the reorganization and work closely with his brother and father, the report said. Lachlan Murdoch is currently co-chairman of the company’s board.
The reoganization proposal calls for Carey to step down from the role and assume an undefined role as an advisor, CNBC reported.
Shares of 21st Century Fox fell 0.24% to $ 32.77.
CNBC says “an announcement is expected in the near term.”
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