Rupert Murdoch’s son quits as a News Corp. exec: “LONDON (MarketWatch) — Lachlan Murdoch announced plans to leave the family business Friday, saying he’s quitting as deputy chief operating officer of News Corp. to return to his native Australia.”
My take: The position of “deputy chief operating officer” of the media conglomerate was specially created for the 33-year-old son of the famed, and staunchly conservative, media magnate, the 74-year-old Rupert Murdoch. It seemed to be a sort of “stepping stone” job (and a hugely lucrative one at that with a multi-million dollar compensation package) to prepare Lachlan for the eventual death or retirement of his father, in which case he would take over as President or CEO (or both) of the company.
Shareholder concerns are starting to bubble, according to London’s Guardian Unlimited newspaper. They are rightly concerned with what seems to be growing nepotism at the company and that will only increase as 32-year-old brother James Murdoch, with no real management experience of a major company, is seen as the likely successor to Murdoch now that Lachlan’s resigned effective Aug. 31.
Update: When I initially posted, it was noted James had no experience. This was in 2003 following his nepotistic-like appointment to head BSkyB, Britian’s largest privately-owned TV network owned by News Corp.