Media mogul Rupert Murdoch will continue as the chairman of his new TV and film conglomerate 21st Century Fox, after shareholders failed to gain support to oust him.
Disgruntled shareholders pointed to the alleged phone hacking scandal at 82-year-old Murdoch’s former British tabloid News of the World and got significant support.
According to news.com.au, Murdoch was never in real danger of losing his role as chairman to an independent candidate as the Murdoch family controls about 40 percent of the company's voting rights.
At the company’s annual general meeting in Los Angeles, Murdoch, his sons Lachlan and James, and other members of the company's 12-person board were elected.
Tim Shayer, investment advisor for Christian Brothers Investment Services, which led the call for Murdoch’s replacement, said that appointing an independent chair would give shareholders more comfort that real oversight of the executive team is being exercised.
However, 21st Century Fox board member Viet Dinh refuted Shayer’s take and said that a combined chairman-CEO role ensures strong and consistent leadership of the company, adding that 69 of the top 100 publicly traded companies in the US had a combined chairman-CEO.
The report added that Murdoch’s News Corp media empire was split into two companies earlier this year, with 21st Century Fox holding its vast TV and film assets.