News Corp: Chase Carey most likely to succeed

11th August 2011

However, a report in the Daily Telegraph adds that Rupert Murdoch has said deputy chairman Chase Carey is most likely to succeed him, rather than son James, as the media conglomerate raised its dividend for the first time in two years, seeking to appease investors rocked by the phone-hacking scandal.

The media conglomerate lifted its dividend to 9.5 cents a share from 7.5 cents, as it also signalled it may expand a current plan to buy back $5bn (£3bn) of shares, adds the Daily Telegraph.

The shares have tumbled by almost a quarter since it emerged at the start of July that NotW reporters had hacked into the voicemail of murdered schoolgirl Milly Dowler.

Mr Murdoch insisted on Wednesday that he retains the full support of the board but admitted that "if I went under a bus" then Mr Chase would most likely take over. James Murdoch, one of Mr Murdoch's two sons and, until recently, the person responsible for News Corp's UK newspaper divsision, was seen as a likely successor by some.

The Daily Telegraph says that the scale of the phone hacking at the UK tabloid has intensified longstanding criticism over corporate governance at News Corp, where the Murdoch family control almost 40% of the voting rights on major decisions.

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