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Rupert Murdoch to step down as CEO of 21st Century Fox

Australian American business magnate Rupert Murdoch is leaving his post as CEO of 21st Century Fox and turning over the mass media corporation to his son James, according to an announcement on Thursday.

Murdoch, 84, plans to take the title executive chairman of Fox and remain executive chairman of News Corp., which includes the Wall Street Journal, New York Post and Times of London. Officials said Fox News Chairman Roger Ailes will continue to report directly to Murdoch.

James Murdoch is currently a director of News Corp. Both Murdochs were called before the British Parliament in 2011 to answer to accusations their news companies hacked the phones of celebrities and citizens.

Another son, Lachlan Murdoch, will become co-executive chairman of 21st Century Fox once the reorganization is approved at an upcoming company board meeting.

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