The sadness of Rupert Murdoch and the happiness of the News Corp shareholders.
The sooner they professionalize the company and make it less family, the better.
OAM
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As another child quits the family firm, is the Murdoch business dynasty ending?
The patriarch's plan to transfer the management of News Corporation to his children is going very badly. On July 29th, Rupert Murdoch's eldest son, Lachlan, suddenly resigned from his executive roles at the company. As if bidding farewell to his father, he said in a statement: “I would like especially to thank my father for all he has taught me in business and in life.” Mr Murdoch said he was “particularly saddened” by his son's decision.
Lachlan, aged 33, will stay on News Corp's board, and advise the company. He had personal reasons to leave: he and his wife prefer Sydney to New York, and will move back. But there were troubles in the firm, too. Being deputy chief operating officer sounded important, but he was said to be frustrated that he had little say in the running of the businesses he oversaw—the group's American TV stations, its publishing business, Harper Collins, and its Australian arm. He was closely involved in day-to-day operations only as publisher of the New York Post. Most power rested with his father and Peter Chernin, the president and chief operating officer.
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