As Rupert Murdoch steps down, here are some family business succession tips from the SmartCompany archives

Rupert Murdoch has announced his intention to step down as chairman of News Corp and Fox Corporation, formally ending his tenure at the top of the titanic media empire and clearing the way for his eldest son, Lachlan Murdoch, to step into the sole chairman position at both companies.

In a letter shared with staff overnight, the elder Murdoch declared he will transition into the role of chairman emeritus at both firms, saying “the time is right” to vacate the top job at one of the world’s most influential media organisations.

The announcement comes after years of heated speculation over the future leadership of News Corp and Fox Corporation, and heralds a new era for Lachlan, who has presided over Fox Corporation as executive chair and chief executive officer since 2019.