News Corp.'s Lachlan (son of Ruppert) Murdoch to quit

http://www.marketwatch.com/news/story.asp?guid=%7BD69F42E9%2D6A80%2D4276%2D9279%2DBBB95A17C919%7D&siteid=mktw

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.

News Corp. (NWS: news, chart, profile) (NWS.A: news, chart, profile) said the 33-year-old Lachlan, son of media magnate Rupert Murdoch, wants to start the "next phase" of his career.

"I would like especially to thank my father for all he has taught me in business and in life. It is now time for me to apply those lessons to the next phase of my career," Lachlan Murdoch said.

The elder Murdoch, chairman of the global media and entertainment company, said he was "saddened" by the decision.

The Murdochs own about 30% of News Corp.

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speech ends the caliphate of the media mogul. The first question then is who is going to steer the pirate ship now that the captain's son is on shore guarding the treasure? i thought there was another son but I expect
there might be similar problems simply handing down the sire's dirty work.

My first reaction is that a familiar face and dynasty is taking its hands off the wheel indirectly because the enterprise is too much for the current offspring. Typically the control, especially over assets, will be extraordinarily tight as some more suitable scion is groomed to retake the helm.

The dynamics of the monstrosities the enterprise is dedicated to will change possibly, probably not for the betterment of mankind. Now new faces must be put to the disease lest it lose that honest air of unrespectability.

Of course, with the lessons he gratefully learned let the new area of career tremble and lock its coffers.

unless I'm mistaken. Murdoch also has a daughter heavily involved in the newspaper side of News Corp., and other children in positions of authority in his various businesses.