21st Century Fox Head Rupert Murdoch Hands CEO Title to His Son James

The head of US media giant 21st Century Fox, will step down and pass the Chief Executive Officer title to his son.

WASHINGTON (Sputnik) — Rupert Murdoch, head of US media giant 21st Century Fox, will step down and pass the Chief Executive Officer title to his son James, the company announced in a statement on Tuesday.

James Murdoch, who served as Co-Chief Operating Officer, will officially assume the new position on July 1, 2015.

“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.

He described Lachlan and James as being “talented and accomplished executives,” adding that “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.”

Despite changes in leadership to the US media conglomerate, Rupert Murdoch will stay on as Executive Co-Chairman together with his other son, Lachlan.

21st Century Fox owns a number of major US media outlets including the National Geographic Channels, Fox News Channel, Twentieth Century Fox Film.