As he shares the chairmanship of both companies with his father, the move is being received as part of a family succession plan.
TEN CEO Hamish McLennan has been elected as Executive Chairman of Network TEN.
James Murdoch has been elevated to the position of co-chief operating officer at News Corp.
Lachan Murdoch, 42, purchased TEN shares in 2010 and was appointed acting CEO in February 2011 following the exit of Grant Blackley. During this time he oversaw a review of costs which resulted in the axing of television programs and staff redundancies, plus the hiring of James Warburton, Paul Henry and Hamish McLennan. He was appointed non-executive Chairman in February 2012.
Brian Long, TEN’s Deputy Chairman said, “On behalf of the Board I thank Lachlan for the contribution he has made during a very difficult time for the Company. I am pleased that he will retain his commitment to TEN through continuing to hold his 8.8 per cent shareholding in the Company, together with the shareholder guarantee that his company has provided in respect of TEN’s new loan financing arrangements.
“Hamish will make an excellent successor to Lachlan as Chairman. He combines deep international experience in advertising and media, along with a broad business understanding. The Board looks forward to Hamish leading TEN as Executive Chairman.”
Hamish McLennan added, “I look forward to continuing the strategy to restore TEN’s performance as a leading entertainment and news content company across all our platforms and so increase value for our shareholders.”