Rupert Murdoch to step down as chair from Fox and News Corp. boards, hand reins to son

Fox News executive chair Rupert Murdoch will transition from his role overseeing from the company’s boards, he announced Thursday morning.

Lachlan Murdoch, Rupert’s eldest son, will serve as the sole executive at the helm of the media empire, he wrote in a note to the company’s staff. The 92-year-old businessman will stay on as chair emeritus at Fox and News, he said.

Murdoch will make the official transition in November.

“For my entire professional life, I have been engaged with news and ideas, and that will not change,” Murdoch wrote. “But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan.”

Murdoch didn’t further specify the reasons for stepping down, but noted that he's in good health.

“I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me,” he wrote. "In my new role, I can guarantee you that I will be involved every day in the contest of ideas."