Peter Chernin to Step Down as President, COO of News Corp.

Authored by Mark Hefflinger on February 24, 2009 - 9:39am.

New York - Media tycoon Rupert Murdoch's News Corporation (NYSE: NWS) announced on Tuesday that president and COO Peter Chernin, also CEO of the Fox Group, will leave the company when his contract expires on June 30. "Peter's contributions to the Company over the past two decades have been immeasurable," said News Corp. chairman and CEO Rupert Murdoch. "It is understandable that at this stage in his life he would want to do something new after serving News Corporation and our shareholders so well for so long."

"This was a difficult decision for me. Next week marks my 20th anniversary with News Corporation and the Company has been a huge part of my life," said Chernin.

"During my years here I have had the great privilege to work for one of the true visionary leaders of our time, Rupert Murdoch."

Following Chernin's departure, the Los Angeles-based Fox businesses will report directly to Murdoch.

Chernin will launch a Fox-based production company later this year, among other ventures, the company said.

http://online.wsj.com/article/SB123542374683052407.html

http://www.nytimes.com/2009/02/24/business/media/24news.html