Rupert Murdoch faces a fight to keep control of his media empire after investors lined up to call for him to quit following his ‘doddery’ performance in front of MPs yesterday.
Many shareholders want Chase Carey to succeed the tycoon as chief executive officer of News Corporation amid claims that the 80-year-old doesn’t know what’s going on at the firm.
They say Mr Carey, 57, who is currently chief operating officer, is better placed to transform the company’s fortunes by drawing a line under the News of the World phone hacking scandal.
Replacement: Rupert Murdoch, being driven through London today, faces calls to stand down as News Corp CEO and be succeeded by Chase Carey, right. Shareholders say Mr Carey may transform the firm's fortunes
Read more: http://www.dailymail.co.uk/news/article-2016760/Phone-hacking-scandal-News-Corp-investors-demand-doddery-Murdoch--quits--despite-shares-rising-6-grilling.html#ixzz1Sevumw8M
But Mr Murdoch still has strong support from board members and yesterday’s 6 per cent rise in its share price following the select committee hearing will also steady his position.
Stock was valued at $16.25 by the end of trading in New York last night.
It was trading at $16.60 this afternoon, meaning it that since the close of the market on Monday night - the evening before the Murdochs' encounter with MPs - the price has risen 11.6 per cent.
At the end of trading yesterday, the company was worth $41.8billion.
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From humble pie to custard
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