ICYMI: James Murdoch Is Fox's New CEO

In a press release issued Tuesday afternoon, Twenty-First Century Fox Inc (NASDAQ: FOXA) announced a few changes to its senior executive team, effective July 1.

Founder, Chairman and CEO Rupert Murdoch will step down from his position as Chief Executive and become one of the company’s Executive Co-Chairmen, along with his 43-year-old son Lachlan Murdoch, currently Co-Chairman of the Board.

Chase Carey, Deputy Chairman, President and COO since 2009, will now serve in the role of Executive Vice Chairman through June 30, 2016.

Finally, 42-year-old James Murdoch, currently Co-COO, will take his father’s place as Fox’s Chief Executive Officer.

Related Link: Fox: 'Succession Is On Our Agenda'

“In conjunction with these changes -the press release explains, the Company’s corporate functions, and its global television and film operations will now jointly report to Lachlan and James Murdoch.”

“It has always been our priority to ensure stable, long term leadership for the Company, and these appointments achieve that goal,” Rupert Murdoch said. “Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry.”

Regarding the new Executive Vice Chairman, the media mogul added, “I can’t thank Chase Carey enough for his friendship, counsel and leadership over the past decades. He will be actively engaged in supporting Lachlan and James as they step in to their new roles.”

Shares of Twenty-First Century Fox are up slightly on Wednesday morning trading.