Rupert Murdoch to Hand Over CEO Reins July 1

In what was one of the worst kept secrets in a medium not known for keeping secrets, 21st Century Fox chairman and CEO Rupert Murdoch will officially hand over the CEO reins to his son James on July 1, with his other progeny Lachlan Murdoch assuming the role of co-executive chairman.

In a statement on June 16, 21st Century Fox said that current chief operating officer Chase Carey will become executive vice chairman and serve in that role through June 30, 2016. Both James and Lachlan have been groomed for top spots at the company for years and are expected to work together in partnership running the company. The elder Murdoch, who at 84-years old is still in good health and a common presence around the office, is also expected to continue to be heavily involved in decision making at the company.