Prodigal son Lachlan returns at top of Murdoch empire
Happy families: Lachlan, Rupert and James Murdoch. Photograph Jason Kempin/Getty Images
March 27, 2014 Rupert Murdoch brought out the fatted calf to mark his son Lachlan's return to the family business today, naming him non-executive co-chairman of both 21st Century Fox and News Corp.
Lachlan's younger brother James was at the same time appointed joint chief operating officer at Fox. Dad remains executive chairman of both companies.
The appointments, which may well disturb shareholders and onlookers who feel that the Murdoch family influence in the businesses should be diminished rather than expanded, were announced in a flurry of breathless praise for the prodigal son who left the old News Corp nearly a decade ago over differences with senior executives .
In the Fox statement, Murdoch described Lachlan as "a strategic and talented executive with a rich knowledge of our businesses". While in the News Corp release, the appointment recognised Lachlan's "entrepreneurial leadership and passion for news, digital media and sport". In this statement Murdoch again praises his son's "strategic thinking and vast knowledge of our businesses". These, he continues, will help the company "to deliver the best outcomes for our stockholders, employees and customers".
Good to know where the readers and viewers come in the list of priorities.
It's also good to know that the new chairman can be confident of a warm welcome home from senior colleagues who had remained at his father's side after he left the business. Robert Thomson, the former Times and Wall St
Lachlan's younger brother James was at the same time appointed joint chief operating officer at Fox. Dad remains executive chairman of both companies.
The appointments, which may well disturb shareholders and onlookers who feel that the Murdoch family influence in the businesses should be diminished rather than expanded, were announced in a flurry of breathless praise for the prodigal son who left the old News Corp nearly a decade ago over differences with senior executives .
In the Fox statement, Murdoch described Lachlan as "a strategic and talented executive with a rich knowledge of our businesses". While in the News Corp release, the appointment recognised Lachlan's "entrepreneurial leadership and passion for news, digital media and sport". In this statement Murdoch again praises his son's "strategic thinking and vast knowledge of our businesses". These, he continues, will help the company "to deliver the best outcomes for our stockholders, employees and customers".
Good to know where the readers and viewers come in the list of priorities.
It's also good to know that the new chairman can be confident of a warm welcome home from senior colleagues who had remained at his father's side after he left the business. Robert Thomson, the former Times and Wall St
Robert Thomson Picture: Getty Images
Journal editor who is now News Corp's chief executive, said:
"I’m delighted he’ll be serving in this elevated capacity...Lachlan’s experience, acumen and enthusiasm will serve us well as we guide News Corp and its businesses through this era of digital transformation and global expansion.
"His early appreciation of the value of REA, the digital property site that is a jewel in our crown, is an indicator of his prescience and strategic savvy.”
James, who seemed to have secured the keys to the kingdom when his elder brother jumped ship - only to drop them in the deep and murky waters of the phone-hacking scandal, is meanwhile given the consolation prize of working alongside Murdoch's "partner and trusted adviser" Chase Carey.
There was rather less hyperbole in this announcement, Murdoch Snr referring simply to his younger son's "many talents" and his "outstanding job in driving our global television businesses".
Carey is clearly overwhelmed with delight, saying: "In many ways this formalises the role he’s been playing for some time...he brings a modern sensibility to our business." Some Kremlinologists see the appointment more as a move to wrest some of Chase's power back to the family.
The Murdoch brothers are already directors of both companies (thanks to their father's votes). Lachlan has today stepped down from the board of the Ten Network of which he was chairman. Their sister Elisabeth, founder of the Shine TV company now owned by Fox, was not mentioned in today's reshuffle.
Rupert Murdoch is 83. His biographer Michael Wolff said at the weekend that he was in great shape and could "go on forever".
"I’m delighted he’ll be serving in this elevated capacity...Lachlan’s experience, acumen and enthusiasm will serve us well as we guide News Corp and its businesses through this era of digital transformation and global expansion.
"His early appreciation of the value of REA, the digital property site that is a jewel in our crown, is an indicator of his prescience and strategic savvy.”
James, who seemed to have secured the keys to the kingdom when his elder brother jumped ship - only to drop them in the deep and murky waters of the phone-hacking scandal, is meanwhile given the consolation prize of working alongside Murdoch's "partner and trusted adviser" Chase Carey.
There was rather less hyperbole in this announcement, Murdoch Snr referring simply to his younger son's "many talents" and his "outstanding job in driving our global television businesses".
Carey is clearly overwhelmed with delight, saying: "In many ways this formalises the role he’s been playing for some time...he brings a modern sensibility to our business." Some Kremlinologists see the appointment more as a move to wrest some of Chase's power back to the family.
The Murdoch brothers are already directors of both companies (thanks to their father's votes). Lachlan has today stepped down from the board of the Ten Network of which he was chairman. Their sister Elisabeth, founder of the Shine TV company now owned by Fox, was not mentioned in today's reshuffle.
Rupert Murdoch is 83. His biographer Michael Wolff said at the weekend that he was in great shape and could "go on forever".
Alliterative festival for News UK at the Baby Shard
Tuesday 16 September, 2014 The Murdoch clan was out in force for the formal opening of the new Sun and Times offices in the Baby Shard near London Bridge today, with eldest daughter Prudence and heir apparent Lachlan escorting the patriarch, who has been busy deciding whether Scotland should go it alone. Former Times black sheep Boris Johnson was rehabilitated in his role as Mayor to perform the honours, alongside former Times editor Robert Thomson, who is now News Corp's chief executive.
The new building would, Thomson said, be a monument to meritocracy; a place furnished with purpose, passion and principle, and would have an egalitarian ethos and energetic empathy. The big boss, meanwhile, was lauded for creating a community culture, for his commitment and the continuity that was demonstrated by the presence of his offspring.
The new building would, Thomson said, be a monument to meritocracy; a place furnished with purpose, passion and principle, and would have an egalitarian ethos and energetic empathy. The big boss, meanwhile, was lauded for creating a community culture, for his commitment and the continuity that was demonstrated by the presence of his offspring.
