Lachlan Murdoch resigns from News Corp

Lachlan Murdoch resigns from News Corp

Lachlan Murdoch has decided to leave the company and would now be leaving for Australia with his wife and son. He is the son of the Chairman Rupert Murdoch and was considered as the heir of the company, which is the fourth-largest media company in United States. He was working in the company as the deputy chief operating officer since 2000 after growing up in positions since last many years.

He is now due to leave the company at the end of august and would continue to remain on the board of the company as a director. This information was released by the company to the press and media. This move also means that now James Murdoch, the younger brother would take on the hype for being the next big boss in the company.

Rupert Murdoch has already clarified that he wants one of his sons to take over from him in running the entire corporation. Investors on their part have expressed that they would rather prefer Murdoch’s No. 2, President Peter Chernin as the next chairperson of the company. James is currently working as the chief executive officer of London-based British Sky Broadcasting Plc.

His daughter Elisabeth had also left the company and went on to form her own London media company Shine. She was the head of BSkyB Networks and continued until 2000. News Corp. is already seeing a decline in their shares in the market as the prices has dropped by 8.5% this year alone.