<p>Rupert Murdoch's 21st Century Fox said its board approved a shakeup that puts the 84-year-old tycoon's son James in the chief executive job effective July 1.</p>.<p>The media-entertainment conglomerate's board approved the plan in which the Australian-born magnate would step down as CEO and become co-executive chairman with his other son, Lachlan.<br /><br />The succession plan, which was leaked last week by sources close to the company, allows Rupert Murdoch to ease out of the day-to-day management of the group, with his sons sharing many of those tasks.<br /><br />The statement said the company's corporate functions and its global television and film operations "will now jointly report to Lachlan and James Murdoch."<br /><br />"It has always been our priority to ensure stable, long-term leadership for the company and these appointments achieve that goal," Rupert Murdoch said in the statement released yesterday.<br /><br />"Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry."<br /><br />The company has a range of film, broadcast and cable operations around the world and reaches some 1.8 billion people. It also has a 39 percent stake in the European satellite group Sky.<br /><br />Lachlan and James Murdoch said in a joint statement: "We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company."</p>.<p><br />The statement added that Chase Carey, the deputy chairman, president and chief operating officer, will become the executive vice chairman and serve in that role through June 30, 2016.<br />James Murdoch, 42, will hold the CEO job at the group, which owns the Fox studios in Hollywood, and Fox's television operations in the US and around the world.</p>.<p><br />He ran the Asian and European operations for his father's group and was thrust into the position of crisis management in the phone-hacking scandal that rocked the company in Britain.<br /><br />21st Century Fox was created two years ago when Murdoch split the struggling publishing operations from his News Corp. empire from the faster-growing media and entertainment operations.<br /><br />Rupert Murdoch and his family remained in control of both companies after the split. He is executive chairman at News Corp. with Lachlan listed as co-chairman. </p>
<p>Rupert Murdoch's 21st Century Fox said its board approved a shakeup that puts the 84-year-old tycoon's son James in the chief executive job effective July 1.</p>.<p>The media-entertainment conglomerate's board approved the plan in which the Australian-born magnate would step down as CEO and become co-executive chairman with his other son, Lachlan.<br /><br />The succession plan, which was leaked last week by sources close to the company, allows Rupert Murdoch to ease out of the day-to-day management of the group, with his sons sharing many of those tasks.<br /><br />The statement said the company's corporate functions and its global television and film operations "will now jointly report to Lachlan and James Murdoch."<br /><br />"It has always been our priority to ensure stable, long-term leadership for the company and these appointments achieve that goal," Rupert Murdoch said in the statement released yesterday.<br /><br />"Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry."<br /><br />The company has a range of film, broadcast and cable operations around the world and reaches some 1.8 billion people. It also has a 39 percent stake in the European satellite group Sky.<br /><br />Lachlan and James Murdoch said in a joint statement: "We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company."</p>.<p><br />The statement added that Chase Carey, the deputy chairman, president and chief operating officer, will become the executive vice chairman and serve in that role through June 30, 2016.<br />James Murdoch, 42, will hold the CEO job at the group, which owns the Fox studios in Hollywood, and Fox's television operations in the US and around the world.</p>.<p><br />He ran the Asian and European operations for his father's group and was thrust into the position of crisis management in the phone-hacking scandal that rocked the company in Britain.<br /><br />21st Century Fox was created two years ago when Murdoch split the struggling publishing operations from his News Corp. empire from the faster-growing media and entertainment operations.<br /><br />Rupert Murdoch and his family remained in control of both companies after the split. He is executive chairman at News Corp. with Lachlan listed as co-chairman. </p>