Chase Carey to stay at Fox to advise newly promoted Murdoch sons

Tue Jun 16, 2015 6:18pm EDT
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By Jennifer Saba

(Reuters) - Twenty-First Century Fox Inc's (FOXA.O: Quote) Chase Carey will remain at the company for another year to support James and Lachlan Murdoch in their new positions running the media company.

The company's board on Tuesday promoted James to chief executive and his brother, Lachlan, to executive co-chairman, while naming Carey executive vice chairman.

Rupert Murdoch, who controls Fox through a trust that owns 39 percent of the voting shares, will become executive co-chairman. He previously also held the title of CEO, a role he is giving to James.

The management changes take effect on July 1.

The elevation of James, 42, and Lachlan, 43, has long been expected, and both brothers will now effectively take on Carey's duties.

Fox said that all corporate functions including the company's TV and film divisions will report jointly to James and Lachlan.

While James and Lachlan are said by company sources to have a good relationship and approach the business as partners, the duel-reporting line could prove to be confusing to management.

Carey confirmed he is staying with the company to help support the Murdoch brothers. That will no doubt calm some investors, who want the highly regarded executive and a non-family member to remain with Fox.   Continued...

Chase Carey, deputy chairman, president, and COO of News Corporation participates in a panel session at The Cable Show in Boston, Massachusetts May 23, 2012.   REUTERS/Brian Snyder