21st Century Fox chief executive officer Rupert Murdoch is planning on stepping down from the post and handing the title to his son James, according to multiple U.S. news reports.
According to CNBC, an announcement regarding the succession plan is expected in the near future, but the exact timetable of the change-over is not yet known. Lachlan, another of Murdoch’s sons, is expected to be named a co-executive chairman of the company, while the 84-year-old patriarch will remain as Fox executive chairman.
The management restructuring will also, according to reports, see chief operating officer Chase Carey step down to take on an advisory role.
At press time, Fox had not officially confirmed the reports.
Elisabeth Murdoch, sister to James and Lachlan, resigned from her post as Shine Group chairman in September of last year.