The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some important lessons for business leaders about the importance—and potential consequences—of succession planning. Indeed, the appointment of his son Lachlan to succeed the senior Murdoch in November raises issues that can provide essential insights about potential pitfalls when transitioning to a new generation of leaders.

Rupert Murdoch announced that he was standing down as chair of Fox Corporation and News Corporation and handing both roles over to his eldest son Lachlan, in a letter to employees on Thursday. The Australian-born media tycoon hit out at elites, which "have open contempt for those who are not members of their rarefied class." Rupert Murdoch also said "our companies are in robust health, as am I." However, one media expert told Newsweek that Lachlan will have major challenges. Fox News faces a second major lawsuit after falsely claiming...

“Most folks are all saying the same thing: ‘You think he’s really going away?!’” That was the sentiment of a high-level Fox News executive upon the announcement that 92-year-old Rupert Murdoch was stepping down from the top of his global media empire. He handed the reins to his son, Lachlan Murdoch, who was already the CEO of Fox Corporation, the parent company of Fox News, and who will now lead both Fox Corp. and News Corp. While the news sent shockwaves through the political-media world, those at the top ranks...

LONDON — In July 1995, Tony Blair was so popular in Britain that he was considered prime minister-in-waiting a full two years before his crowning election. Yet, he still felt it necessary to fly 25 hours to the other side of the world to make his case to one man: Rupert Murdoch. Blair’s trip to Hayman Island, an Australian resort off the Great Barrier Reef — and return to London the next day — is emblematic of the singular, and critics would say pernicious, sway Murdoch has held over leaders...

Lachlan Murdoch, shown in 2018, is to take charge of his family’s media empire later this year. Rupert Murdoch once dubbed his elder son, Lachlan, “first among equals” when discussing who might eventually succeed him at the helm of his media empire. Even with that birthright, the younger Murdoch’s road to the top of and—solidified Thursday after Rupert Murdoch said he was stepping away from executive and board duties at his two companies in mid-November—has been circuitous and far from a sure thing. It was a start-and-stop climb—interrupted by a...

As much as anyone, Fox News mogul Rupert Murdoch is responsible for America’s conservative crackup. Trumpism is a monster of Fox’s own making, Justin Peters writes—but it’s grown so much that the network can no longer control it. The 92-year-old media mogul announced Thursday that he will be stepping down from News Corp. Peters gives us his assessment of Murdoch’s astounding and disgraceful legacy. Plus: Many people worry about Fox News or OAN warping their elderly parents’ sense of reality. But there’s another channel that’s even worse. And ICYMI: Peters...

Thanks to Rupert Murdoch’s outsize personality, his vast sway within the news industry and his role as a kingmaker in conservative politics, there’s long been heightened interest in his mega deals, his complicated family dynamics and the uncertain future of his media empire. The intrigue has only ratcheted up in recent years thanks to HBO’s popular show, Succession, which was partially inspired by the Murdoch family. In real life, the drama surrounding the Murdochs has played out over several decades and across multiple continents, and it’s hardly done yet. 1....

Australian news mogul Rupert Murdoch stunned the media world Thursday by announcing his resignation as chairman of Fox Corp., the parent company of Fox News, and News Corp. He will be succeeded by his eldest son, Lachlan, who will be the sole chair of News Corp. and remain in his post as executive chair and CEO at Fox Corp., the company said in a press release. But while Murdoch, 92, is taking a step back from both companies, his influence over the conservative media landscape is expected to carry on...