NEW YORK, July 29 (UPI) -- The man projected to succeed Rupert Murdoch as head of New York-based News Corp. is leaving his father's business.
Lachlan Murdoch, at 33 the oldest son of News Corp.'s founder, resigned Friday, effective Aug. 31, from his executive positions with the company, the Wall Street Journal reported Friday.
The younger Murdoch has been the media conglomerate's deputy chief operating officer since October 2000, working closely with chief operating officer Peter Chernin and overseeing News Corp.'s U.S. television stations, the New York Post and other businesses.
He will leave those posts but remain a director and advisor of News Corp.
"I look forward to returning home to Australia with my wife, Sarah, and son, Kalan, in the very near future," Murdoch said in the statement. "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."
