{"id":15099,"date":"2023-09-23T22:59:24","date_gmt":"2023-09-23T22:59:24","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/lessons-from-the-leadership-transition-at-murdochs-media-empire\/"},"modified":"2023-09-23T22:59:26","modified_gmt":"2023-09-23T22:59:26","slug":"lessons-from-the-leadership-transition-at-murdochs-media-empire","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=15099","title":{"rendered":"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire"},"content":{"rendered":"
\n

The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for business leaders about the importance\u2014and potential consequences\u2014of succession planning.<\/p>\n

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.<\/p>\n

Transitions between leaders \u2014 and especially a new generation of leaders\u2014can create a crisis for companies and organizations and should be accounted for in corporate crisis management plans.<\/p>\n

Legacy Issues<\/h2>\n

Lachlan Murdoch \u201cwill face the crucial task of ensuring that the companies under his leadership rigorously uphold journalistic standards, rigorously adhere to fact-checking protocols, and consistently maintain ethical reporting practices,\u201d according to Laurie R. Barkman, an adjunct professor of entrepreneurship at Carnegie Mellon University Tepper School of Business said via email. She\u2019s the author of The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options<\/em>.<\/em><\/p>\n

<\/fbs-ad><\/p>\n

\u201cThe manner in which these legal matters are handled will undoubtedly have a profound impact on the credibility and public perception of media outlets owned by the Murdoch family,\u201d she predicted.<\/p>\n

No Guarantees<\/h2>\n

It is not standard practice for sons or daughters to automatically take over a family-owned business, as Lachlan Murdoch will do.<\/p>\n

And their success is not a sure thing.<\/p>\n

According to the Family Business Institute, only 30% of family businesses last into the second generation, 12% remain viable into the third, and 3% operate into the fourth generation or beyond.<\/p>\n

\u201cThose that do continue often see their value decline significantly as a result of mismanaged succession,\u201d the Harvard<\/em> Business<\/em> Review<\/em> wrote about the study.<\/p>\n

Making Their Mark<\/h2>\n

\u201cIn any succession, next-generation leaders want to evolve the business and make their mark. Especially in a family-led business, they are often told, \u201cHere are the keys. Now, don\u2019t mess it up,\u201d Barkman observed.<\/p>\n

\u201cWhereas with the other adult [Murdoch] children who are no longer in the business – James, Elizabeth, and Prudence – there could be a fear they would move the company in a dramatically different direction. With Lachlan being groomed as Rupert\u2019s successor for a long period of time, the expectation may be that Lachlan will stay the course and not change what has been built,\u201d she concluded.<\/p>\n

Sending A Message<\/h2>\n

The appointment of a successor can also send a message about the future of an organization.<\/p>\n

Paddy Manning, author of \u201cThe Successor,\u201d a biography of Lachland Murdoch, \u201csaid he had been \u2018firmly in charge\u2019 at Fox Corporation for some time now, and had some proven successes, including the purchase of the successful streaming service Tubi,\u201d the New<\/em> York<\/em> Times<\/em> reported.<\/p>\n

\u201cRupert\u2019s retirement and handover to Lachlan is a clear signal to the rest of his family, the directors and shareholders of both companies, as well as the wider world,\u201d Mr. Manning said, \u201cthat Lachlan is the chosen successor and he has complete confidence in his leadership.\u201d<\/p>\n

The Importance of Planning<\/h2>\n

Only 34% of surveyed companies had a \u201crobust, documented and communicated succession plan in place,\u201d according to PWC\u2019s 2021 Family Business Survey.<\/p>\n

In my 2021 story about the corporate transition lessons to be learned from HBO\u2019s Succession <\/em>about the fictional Roy family, <\/em>Tom C.W. Lin, a business law professor at Temple University, said “The travails of the Roy family and Waystar Royco highlight the importance of succession planning as a critical part of good corporate governance.\u201d<\/p>\n

\u201cA lack of a clear succession plan can lead to corporate instability that cause[s] serious harm to shareholder value and corporate operations.\u201d<\/p>\n

\u201cWhile it might be hard for many boards and executives to openly plan for the ouster or incapacitation of a CEO or key executive, it is undeniably one of the most important decisions of a board, and it should be one that is regularly and thoroughly reviewed in board meetings,\u201d he concluded.<\/p>\n

\u201cHaving a well-defined succession plan is crucial for the stability and future of any business,\u201d Marshal Davis, president of marketing agency Ascendly Marketing and who has advised clients on legacy planning matters, said via email.<\/p>\n

<\/h2>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for business leaders about the importance\u2014and potential consequences\u2014of 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 […]<\/p>\n","protected":false},"author":1,"featured_media":15100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":{"0":"post-15099","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-leadership"},"yoast_head":"\nLessons From The Leadership Transition At Murdoch\u2019s Media Empire | Brandiary<\/title>\n<meta name=\"description\" content=\"The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mysourcefunding.com\/?p=15099\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire | Brandiary\" \/>\n<meta property=\"og:description\" content=\"The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mysourcefunding.com\/?p=15099\" \/>\n<meta property=\"og:site_name\" content=\"Brandiary\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-23T22:59:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-23T22:59:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/09\/1695509965_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"763\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mysourcefunding.com\/?p=15099#article\",\"isPartOf\":{\"@id\":\"https:\/\/mysourcefunding.com\/?p=15099\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/mysourcefunding.com\/#\/schema\/person\/5062dafb0f932b59aa228f1a047332f4\"},\"headline\":\"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire\",\"datePublished\":\"2023-09-23T22:59:24+00:00\",\"dateModified\":\"2023-09-23T22:59:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mysourcefunding.com\/?p=15099\"},\"wordCount\":701,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mysourcefunding.com\/#organization\"},\"articleSection\":[\"Leadership\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mysourcefunding.com\/?p=15099#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mysourcefunding.com\/?p=15099\",\"url\":\"https:\/\/mysourcefunding.com\/?p=15099\",\"name\":\"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire | Brandiary\",\"isPartOf\":{\"@id\":\"https:\/\/mysourcefunding.com\/#website\"},\"datePublished\":\"2023-09-23T22:59:24+00:00\",\"dateModified\":\"2023-09-23T22:59:26+00:00\",\"description\":\"The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for\",\"breadcrumb\":{\"@id\":\"https:\/\/mysourcefunding.com\/?p=15099#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/mysourcefunding.com\/?p=15099\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/mysourcefunding.com\/?p=15099#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/mysourcefunding.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/mysourcefunding.com\/#website\",\"url\":\"https:\/\/mysourcefunding.com\/\",\"name\":\"Brandiary\",\"description\":\"Latest Business and Startup News and Updates\",\"publisher\":{\"@id\":\"https:\/\/mysourcefunding.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/mysourcefunding.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/mysourcefunding.com\/#organization\",\"name\":\"Brandiary\",\"url\":\"https:\/\/mysourcefunding.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mysourcefunding.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/b-logo-1.png\",\"contentUrl\":\"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/b-logo-1.png\",\"width\":381,\"height\":100,\"caption\":\"Brandiary\"},\"image\":{\"@id\":\"https:\/\/mysourcefunding.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/mysourcefunding.com\/#\/schema\/person\/5062dafb0f932b59aa228f1a047332f4\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mysourcefunding.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/avatar_user_1_1688031660-96x96.png\",\"contentUrl\":\"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/avatar_user_1_1688031660-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/mysourcefunding.com\"],\"url\":\"https:\/\/mysourcefunding.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire | Brandiary","description":"The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mysourcefunding.com\/?p=15099","og_locale":"en_US","og_type":"article","og_title":"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire | Brandiary","og_description":"The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for","og_url":"https:\/\/mysourcefunding.com\/?p=15099","og_site_name":"Brandiary","article_published_time":"2023-09-23T22:59:24+00:00","article_modified_time":"2023-09-23T22:59:26+00:00","og_image":[{"width":1200,"height":763,"url":"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/09\/1695509965_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/mysourcefunding.com\/?p=15099#article","isPartOf":{"@id":"https:\/\/mysourcefunding.com\/?p=15099"},"author":{"name":"News Room","@id":"https:\/\/mysourcefunding.com\/#\/schema\/person\/5062dafb0f932b59aa228f1a047332f4"},"headline":"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire","datePublished":"2023-09-23T22:59:24+00:00","dateModified":"2023-09-23T22:59:26+00:00","mainEntityOfPage":{"@id":"https:\/\/mysourcefunding.com\/?p=15099"},"wordCount":701,"commentCount":0,"publisher":{"@id":"https:\/\/mysourcefunding.com\/#organization"},"articleSection":["Leadership"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/mysourcefunding.com\/?p=15099#respond"]}]},{"@type":"WebPage","@id":"https:\/\/mysourcefunding.com\/?p=15099","url":"https:\/\/mysourcefunding.com\/?p=15099","name":"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire | Brandiary","isPartOf":{"@id":"https:\/\/mysourcefunding.com\/#website"},"datePublished":"2023-09-23T22:59:24+00:00","dateModified":"2023-09-23T22:59:26+00:00","description":"The surprise announcement that Rupert Murdoch will step away from his corporate leadership roles at his media empire underscores some key lessons for","breadcrumb":{"@id":"https:\/\/mysourcefunding.com\/?p=15099#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mysourcefunding.com\/?p=15099"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/mysourcefunding.com\/?p=15099#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/mysourcefunding.com\/"},{"@type":"ListItem","position":2,"name":"Lessons From The Leadership Transition At Murdoch\u2019s Media Empire"}]},{"@type":"WebSite","@id":"https:\/\/mysourcefunding.com\/#website","url":"https:\/\/mysourcefunding.com\/","name":"Brandiary","description":"Latest Business and Startup News and Updates","publisher":{"@id":"https:\/\/mysourcefunding.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/mysourcefunding.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/mysourcefunding.com\/#organization","name":"Brandiary","url":"https:\/\/mysourcefunding.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mysourcefunding.com\/#\/schema\/logo\/image\/","url":"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/b-logo-1.png","contentUrl":"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/b-logo-1.png","width":381,"height":100,"caption":"Brandiary"},"image":{"@id":"https:\/\/mysourcefunding.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/mysourcefunding.com\/#\/schema\/person\/5062dafb0f932b59aa228f1a047332f4","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mysourcefunding.com\/#\/schema\/person\/image\/","url":"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/avatar_user_1_1688031660-96x96.png","contentUrl":"https:\/\/mysourcefunding.com\/wp-content\/uploads\/2023\/06\/avatar_user_1_1688031660-96x96.png","caption":"News Room"},"sameAs":["https:\/\/mysourcefunding.com"],"url":"https:\/\/mysourcefunding.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=\/wp\/v2\/posts\/15099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15099"}],"version-history":[{"count":1,"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=\/wp\/v2\/posts\/15099\/revisions"}],"predecessor-version":[{"id":15101,"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=\/wp\/v2\/posts\/15099\/revisions\/15101"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=\/wp\/v2\/media\/15100"}],"wp:attachment":[{"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mysourcefunding.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}