News Corporation announced on Tuesday morning James Murdoch’s decision to step down as chairman of BSkyB, the pay-TV giant. In a statement, News Corp CEO Rupert Murdoch and President Chase Carey said they are “grateful” for James Murdoch’s leadership of BSkyB. In a letter to colleagues, James Murdoch explained his decision to step down. Read his full letter below:
As you know, my actions as a Director of BSkyB have been governed at all times by what is in the best interests of the Company, its customers and its shareholders. I have been privileged to serve first as Chief Executive and then as Chairman of this outstanding company and I am proud of what we have achieved over this period. We have invested to create choice for many millions of customers, grown our contribution to life in the UK and significantly increased returns for shareholders.
I have now decided that this is the right time for me to step aside as Chairman and, with the support of the Board and shareholders, continue to serve the Company as a Non-Executive Director. As attention continues to be paid to past events at News International, I am determined that the interests of BSkyB should not be undermined by matters outside the scope of this Company.
I have been transparent in my evidence and have behaved ethically at all times. However,there continues to be extensive and voluminous commentary around these matters. I am aware that my role as Chairman could become a lightning rod for BSkyB and I believe that my resignation will help to ensure that there is no false conflation with events at a separate organisation.
BSkyB is a great success story and its positive contribution to British broadcasting, and to the country more broadly, should not be questioned. With a strong Board and outstanding management team, I am confident that the Company will achieve even more in the future. I look forward to making a continued contribution in my role as a Non-Executive Director.
